Yew Grove sells non-core asset for EUR 1.1m

Ireland-focussed commercial property investor Yew Grove REIT has reached an agreement to sell one of its non-core industrial properties on Heather Road in Sandyford, for €1.1m (£0.94m) to an international investor.

The AIM-traded real estate investment trust said the sale price at €1.1m represented an initial yield of 7.6% after accounting for purchase costs, and was expected to be slightly accretive to net asset value for the firm.

“Having identified five non-core properties in our portfolio, we are pleased to have made a good start to the disposal programme, and to have reached agreement to sell this asset at above book value,” said Yew Grove chief executive officer Jonathan Laredo.

“We have significant opportunity to grow our portfolio and the returns from that portfolio, both through acquisitions and asset management, and the proceeds from this and future potential sales will be recycled into new investments.”