Yew Grove REIT (LON:YEW), which owns a diversified portfolio of Irish commercial property assets, has announced that it has reached agreement to sell one of its non-core industrial properties, on Heather Road, Sandyford, for €1.1 million to an international investor. The sale price at €1.1 million represents an initial yield of 7.6 per cent. after accounting for purchase costs and is expected to be slightly accretive to net asset value (NAV) for Yew Grove.
Commenting on the exchange of contracts, Yew Grove CEO Jonathan Laredo, said:
“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.
“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.”