11th Nov 2019 10:33
(Alliance News) - Yew Grove REIT PLC said Monday it has agreed to sell one of its non-core industrial properties in Sandyford, Dublin, to an unnamed international investor for EUR1.1 million, reflecting an initial yield of 7.6%.
The sale is expected to be slightly accretive to the Ireland-focused real estate investment trust's net asset value.
"Having identified five non-core properties in our portfolio, we are pleased to have made a good start to the disposal programme, and to have reached agreement to sell this asset at above book value. We have significant opportunity to grow our portfolio and the returns from that portfolio, both through acquisitions and asset management, and the proceeds from this and future potential sales will be recycled into new investments," said Chief Executive Officer Jonathan Laredo.
Shares in Yew Grove REIT - which is headquartered in Dublin - were untraded on Monday, last traded at EUR0.98 in London.
By Dayo Laniyan; [email protected]
Copyright 2019 Alliance News Limited. All Rights Reserved.
Related Shares:
YEW.L