(Alliance News) - Irish-commercial property investor Yew Grove REIT PLC said Friday it acquired an office building in Athlone, central Ireland, for EUR12 million.
Yew Grove bought the 45,370 square foot office at the IDA Ireland Business & Technology Park in Garrycastle for EUR12 million, representing a net initial yield of 7.2%. It is currently let with an annual rent roll of EUR950,000.
The acquisition is expected to close by January 3. After completion, the real estate investment trust will own 205,000 square foot of properties in the IDA Ireland park.
"We are pleased to have expanded our footprint in Athlone, a major med-tech hub in Ireland," Chief Executive Officer Jonathan Laredo said. "This is a desirable asset with an excellent tenant in one of the country's premier business and technology parks and will allow the Company to expand in line with our clients."
"There remains significant opportunity to grow this portfolio, both through further acquisitions and through asset management opportunities within the existing properties, and these activities will generate superior returns for our shareholders," Laredo added. "We continue to effectively deploy our capital in a portfolio at attractive yields with robust tenant covenants and very strong occupancy."
Shares in Dublin-based Yew Grove were untraded at EUR0.98 in London on Friday.
By Ahren Lester; ahrenlester@alliancenews.com
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