Yew Grove buys Dublin offices for €29m
Yew Grove real estate investment trust (Reit) has acquired two office buildings in East Wall Dublin for €29m.
The One and Three Gateway office buildings, which comprise some 94,793 sq ft and are let to the ESB, Whirlpool and Colt Technology Services, at 97pc occupancy, were included as part of the property pipeline in the recently listed company's admission document.
The buildings' purchase price of €29m reflects a net initial yield of 6.5pc and a gross revisionary yield exceeding 8.5pc, a statement from Yew Grove said.
Yew Grove CEO Jonathan Laredo said he was pleased to announce the company's first acquisition since its initial public offering (IPO).
"The key attractions of these buildings were the quality of their location, build and tenants," Mr Laredo said.
The buildings together have a weighted average unexpired lease term of 2.8 years to break, and four years to expiry. Earlier this month, Yew Grove raised €75m on its IPO.