ACQUISITION OF DUBLIN LOGISTICS PROPERTY – New Frontier Properties Ltd
The board of directors of New Frontier has announced that the Company has acquired unit 1, Stadium Business Park, Ballycoolin, Dublin, Ireland from a third-party vendor for a consideration of €8.65 million on Tuesday, 31 October 2017. The purchase price reflects a net initial yield of 8.23%.
The Property is a 78,265 sq ft modern detached high bay warehouse facility situated in an established industrial location in northwest Dublin within close proximity to Dublin International Airport and Dublin Port Tunnel.
The 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 (with a tenant break option in November 2020) at a rent of €743,518 per annum.