Yew Grove snaps up Ireland office block

Real estate investment trust Yew Grove said it had bought a two-storey office block in the Cork Airport Business Park, Ireland for €7.5m, representing a net initial yield of 7.85%.

The 40,953 square foot property is currently occupied by Clearstream Global Securities, a subsidiary of Deutsche Borse.

When completed, the AIM-listed group said the investment, along with its recent acquisition of a 36,845 square foot property at Waterford Business and Technology Park in Butlerstown, would bring its portfolio to a total of 18 properties generating an annualised rent roll of more than €7.35m.

Chief executive Jonathan Laredo said: "We have successfully invested the capital available to us well within the 12-month time horizon set out at our IPO, acquiring a portfolio with strong tenant covenants and very strong occupancy.

"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."