Yew Grove spends €7.5m on property at Cork Airport Business Park
Yew Grove real estate investment trust (Reit) has acquired an office unit at Cork Airport Business Park for €7.5m.
The purchase represents a net initial yield of 7.85pc.
The property, a two storey, 40,953 sq. ft office block which was refurbished in 2015 and includes a 163-space car park, is tenanted by Clearstream Global Securities Services, a subsidiary of Deutsche Borse, under a 25 year lease which expires in just over five years' time.
When completed, the investment in Cork Airport Business Park brings Yew Grove's portfolio to 18 properties totalling in excess of 550,000 sq ft and generating a yearly rent roll of over €7.35m.
The group's portfolio totals almost €90m in value representing near full deployment of the capital raised by the company since its IPO in June last year.
Yew Grove CEO Jonathan Laredo said: "We are pleased to have made our first investment in the city of Cork and to have acquired such an attractive asset in one of the city's premier business parks."
"We believe we are well positioned to grow [our] portfolio, both through further acquisitions and through asset management opportunities within the existing properties, with the aim of generating attractive returns for our shareholders."