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Yew Grove REIT to purchase three sites in Dundalk and Dublin
StockMarketWire.com
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Irish commercial property owner Yew Grove REIT has exchanged contracts for the purchase of an industrial building in Dundalk and two adjoining office properties in Citywest Dublin.
Tanola House on Coes Road, Dundalk, a recently constructed high bay industrial building of 86,451 sq. ft. over two adjoining blocks has been acquired for approx. €8 million (£6.9 million) with a current annual rent of €601,000 (£518,000) stepping up in approximately four years across both leases to €631,000 (£543,800), representing a net initial yield of 6.9% and increasing to 7.3% at the step up.
The Company has also exchanged contracts to purchase Blocks E&F, Citywest Dublin, for €11 million (£9.48 million).
The property has two adjoining office blocks of 45,972 sq. ft. with 165 car parking spaces and is fully tenanted by three multinational tenants paying a current annual rent of €984,000 (£847,870). This represents a net initial yield of 8.2% with a potential reversionary yield of 9.2%.
At 8:38am: (LON:YEW) Yew Grove Reit Plc Ord Shs Eur0.01 share price was 0p at 0.86p
Story provided by StockMarketWire.com
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