Dublin logistics property acquired

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.