Irish commercial real estate investment trust, Yew Grove REIT has announced the complete acquisition of six office buildings at Millennium Park, Naas, County Kildare.
Yew Grove’s complete 6-building Millenium Park purchase completes a 141,000 sq ft portfolio of modern offices, 773 car parking spaces and a six-acre greenfield site, bringing the total purchase price to €25.3 million.
Commenting on the acquisition, Yew Grove CEO Jonathan Laredo, said: “We are pleased to have completed the acquisition of this attractive portfolio of modern office buildings in a well-located business park. These are reversionary assets which will benefit from Yew Grove’s asset management capabilities and will generate significant value for both tenants and our shareholders.
“Yew Grove has a differentiated and diverse portfolio of well tenanted commercial office and industrial properties outside of the Dublin central business district. The Company’s geographic target market continues to combine attractive purchase yields and rising rent levels. Against these market dynamics, we continue to pursue a number of value-enhancing investment opportunities.”
Located approximately 40 minutes’ drive from Dublin City Centre and Dublin Airport, Millennium Park will also benefit greatly from the upcoming M7 interchange expected to open in March.
Following the completion of the Millennium Park Portfolio acquisition, Yew Grove now has a 28-property strong portfolio with an annualised rent roll of approximately €10.4m.