Yew Grove acquires Millennium Park portfolio for €25.3m

Irish-listed real-estate investment trust (reit) Yew Grove has acquired a portfolio of six office buildings at Millennium Park, Naas, Co Kildare for €25.3 million.

This represents a net initial yield of 5.8 per cent after accounting for purchase costs, the group said.

The portfolio is expected to have reversionary potential in excess of 9 per cent, Yew added.

It consists of 141,000 sq ft of modern offices over six buildings, as well as 773 carparking spaces and a six acre greenfield site. Five of the office buildings are tenanted by foreign direct investment and large Irish enterprises, with one of the buildings currently vacant.

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The combined leases have a weighted average unexpired lease term (WAULT) to break of approximately 2.5 years and to lease expiry of approximately five years. The current annual rent roll for the portfolio is approximately €1.6 million.

Yew Grove specialises in office and industrial properties primarily outside Dublin’s central business district that can be leased to State entities and State-backed firms. On completion of the Millennium Park deal it will have a portfolio of 28 properties with a proforma gross asset value of €140 million and a current annualised rent roll of €10.4 million.

The reit recently announced a successful placement of 26.6 million shares, raising gross proceeds of €25.8 million. This was the second tranche of its share issuance programme launched earlier this year which gives it the ability to issue up to 100 million new shares.