8th Feb 2019 10:43
LONDON (Alliance News) - Ireland-focused property firm Yew Grove REIT PLC said Friday it acquired an office block of a commercial property in Waterford county for EUR4 million.
The real estate investment trust bought the 36,845 square foot "A" office block of the IDA Waterford Business & Technology Park in Butlerstown on a net initial yield of 8.56%.
The open plan office is over three storeys and is currently leased by two tenants. The first is with Tech Mahindra Business Services Ltd on a 20-year lease with a five-year break. The second is a five-year lease with SE2 Information Services Ireland Ltd.
"We are delighted to announce our first acquisition in Waterford," Yew Grove Chief Executive Officer Jonathan Laredo said. "The building has been finished to a high standard, has strong tenants with growing businesses, and provides the company a secure income stream which further enhances the Yew Grove portfolio."
Shares in Yew Grove were untraded at EUR1.02 on Friday.
Related Shares:
YEW.L