Yew Grove REIT plc (LON:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to that it has agreed a transaction to fund the construction of a new building adjacent to one of its existing properties on the IDA Ireland Business and Technology Park in Athlone.
The new building, of approximately 37,000 sq feet, will be constructed by JJ Rhatigan for an agreed cost of c.€9.3 million on land owned by Yew Grove adjacent to the one of the Company’s existing buildings. This new extension has been designed in conjunction with the tenants of the existing building, a multinational in the life science sector. On practical completion of the building, which is expected to take approximately 12 months, the tenant will enter into a lease which will be additive to the portfolio weighted average lease to break as well as accretive to the net yield on Yew Grove’s portfolio.
Jonathan Laredo, Chief Executive of Yew Grove REIT, commented:
“We are excited to be working with our tenant and JJ Rhatigan to help deliver a building which allows our tenant to grow its Irish business and workforce. I look forward to the successful completion of this project and the growth of our footprint in Athlone.”