19th Sep 2018 13:02
LONDON (Alliance News) - Yew Grove REIT PLC said on Wednesday it has agreed to acquire Blackwater House in County Cork, Ireland, for EUR1.9 million at a net initial yield of 10.5%.
The Blackwater House is a multi-tenanted office building comprising 28,880 square feet of space, and has a strong tenant mix with 85% of rental income coming from Irish Water and the Health Service Executive.
Yew Grove plans to invest further to enhance the building and will progress discussions to let the existing vacancy to new tenants.
"We are very pleased to announce the acquisition of this building and the adjoining site. Not only is it one of the few grade A office buildings in the immediate area but it also offers plentiful opportunity for asset management. This will enhance both the capital value and rental income over the medium-term," said Chief Executive Officer Jonathan Laredo.
Shares in Yew Grove REIT were up 2.9% at EUR1.05 on Wednesday.
Related Shares:
YEW.L