The Star Early Edition

Dublin lo­gis­tics prop­erty ac­quired

- – Roy Cokayne

NEW FRON­TIER Prop­er­ties, a UK real es­tate in­vest­ment trust that listed on the Stock Ex­change of Mau­ri­tius and the JSE’s AltX, has ac­quired a lo­gis­tic prop­erty in Dublin in Ire­land for €8.65 mil­lion (R142.6m). The com­pany said on Fri­day it had ac­quired unit 1, Sta­dium Busi­ness Park in Bal­ly­coolin in Dublin from a third-party ven­dor, with the pur­chase price re­flect­ing a net ini­tial yield of 8.23 per­cent. It said the prop­erty was a 7 270m² modern de­tached high bay ware­house fa­cil­ity sit­u­ated in an es­tab­lished in­dus­trial lo­ca­tion in north-west Dublin within close prox­im­ity to Dublin In­ter­na­tional Air­port and Dublin Port Tun­nel. New Fron­tier said the prop­erty was let to Vik­ing Di­rect Ire­land, a global com­pany form­ing part of Of­fice De­pot, one of the largest sup­pli­ers of of­fice sta­tionery in the world, on a 20-year full re­pair­ing and in­sur­ing lease from Au­gust 24, 2017 at a rent of €743 518 a year.

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