Yew Grove REIT buys first commercial property in Cork city
Yew Grove REIT has bought a two-storey office block in Cork Airport Business Park for €7.5m.
The 40,953-square feet office block - Unit 2600 in Cork Airport Business Park, is the company's first investment in the city and represents a net initial yield of 7.85% after accounting for purchase costs.
The property was refurbished in 2015 and includes a 163-space car park. It is tenanted by Clearstream Global Securities Services Ltd, a subsidiary of Deutsche Borse.
The firm has also completed a car park development - ahead of schedule, on budget and is subject to a new lease - in the IDA Athlone Business and Technology Park for its tenant, KCI Manufacturing.
Yew Grove said that the completion of the Cork Airport Business Park investment together with an acquisition in Waterford announced last week, will bring its portfolio to 18 properties totalling in excess of 550,000 sq ft and generating an annualised rent roll of more than €7.35m.
Yew Grove CEO Jonathan Laredo said: "We believe we are well positioned to grow this portfolio, both through further acquisitions and through asset management opportunities within the existing properties, with the aim of generating attractive returns for our shareholders."
