New Frontier Properties, a UK Real Estate Investment Trust (REIT) that is listed on the Stock Exchange of Mauritius and the AltX in Johannesburg, has announced the acquisition of Unit 1, Stadium Business Park in Dublin, Ireland for €8.65 million, representing a net initial yield of 8.23%.
[mks_pullquote align=”left” width=”300″ size=”18″ bg_color=”#555555″ txt_color=”#ffffff”] This purchase in Dublin is in line with our investment strategy to acquire European logistics and warehouse properties so as to benefit from the increase in e-retailing activity across Europe – Mike Riley, CEO of New Frontier Properties[/mks_pullquote]
This modern warehouse facility is located in a strategic logistics position in northwest Dublin near the International Airport and Dublin Port Tunnel.”
The 78,265 sq ft (7 271 m2) property is let to Viking Direct (Ireland) Limited, a global company forming part of Office Depot (one of the largest suppliers of office stationary in the world), on a 20-year full repairing and insuring lease from 24 August 2007 at a rent of €743,518 per annum.
New Frontier was advised by pan European real estate adviser, Waypoint Asset Management in acquiring the property.