18th Jun 2018 11:22
LONDON (Alliance News) - Yew Grove REIT PLC said on Monday it has agreed to acquire the One and Three Gateway office buildings which are situated on the East Wall Road in Dublin for EUR29 million, reflecting a net initial yield of 6.5%.
The two office buildings comprise 93,793 square feet and are currently let to the Electricity Supply Board of Ireland, Whirlpool Corp and Colt Technology Services. The properties together have a weighted average unexpired lease term of 2.8 years to break and four years until expiry.
"I'm very pleased to announce our first acquisition since our IPO. The key attractions of these buildings were the quality of their location, build and tenants. East Wall Road is becoming viewed as a part of the North Docks and is benefiting from increasing tenant interest due to its attractive rent levels and excellent transport links," said Chief Executive Jonathan Laredo.
"The relatively short unexpired lease term and minor vacancy allows the company to actively manage the buildings which we hope will grow the income and capital value of the properties over the next few years," he added.
Shares in Yew Grove REIT were untraded on Monday, last quoted at EUR1.06.
Related Shares:
YEW.L