Industrial premises sold off to investor
One of the world’s largest real estate asset managers has sold an industrial unit in Batley, West Yorkshire.
AEW UK Core Property Fund (AEW) has sold Batley 111, a single-let industrial unit to a local investor.
AEW said the Batley sale is the culmination of a long-term business plan for the site, which it acquired in May 2017.
The 111,965 sq ft development had been let fully to sportswear brand Puma, the long-term tenant, but the brand will shortly vacate the site with the new owner becoming the sole occupier of the building.
Michael Shears, executive director at AEW, said: “We are pleased to have sold two of AEW Core’s properties in line with our target returns. The disposals are the culmination of our diligent asset management strategy that has been successfully executed for each asset.”
AEW had €69.8bn/£60.2bn of assets under management as at 31 December 2020. The business has over 700 employees, with its main offices located in Boston, London, Paris and Hong Kong. Alongside the sale of the Batley unit it also sold off a separate industrial building in Newbridge, Edinburgh.
