Yew Grove acquires office block in Ireland's Waterford business park

Real estate investment trust Yew Grove has exchanged contracts on an office block in the Waterford business park in Ireland's South.

Yew Grove acquired the 36,845 square foot property, located in the IDA Waterford Business and Technology Park in Butlerstown, for a total of €4m, representing a net initial yield of 8.56%.

The Waterford site consists of open plan office space arranged over three storeys and is currently tenanted by Tech Mahindra Business Services under a 20-year lease and SE2 Information Services under a five-year lease.

Chief executive Jonathan Laredo said: "We are delighted to announce our first acquisition in Waterford."

"The building has been finished to a high standard, has strong tenants with growing businesses, and provides the company a secure income stream which further enhances the Yew Grove portfolio."

As of 1200 GMT, Yew Grove's London-listed shares had crept forward 0.51% to €1.02 each.