Monday, 06 November 2017 20:22

New Frontier Properties acquired Dublin Logistics Property under long lease

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JSE AltX and Mauritius listed New Frontier Properties on Friday announced the acquisition of Unit 1, Stadium Business Park in Dublin, Ireland for €8.65 million, representing a net initial yield of 8.23%.  

Mike_Riley_CEO 

Mike Riley, CEO of New Frontier Properties, commented: 

“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. 

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 20year 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.  

Last modified on Monday, 06 November 2017 20:30

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