New Frontier acquires warehouse facility in Ireland

7th November 2017 By: Anine Kilian - Contributing Editor Online

JSE- and AltX-listed New Frontier Properties has acquired Unit 1 of the Stadium Business Park, in Dublin, Ireland, for €8.6-million, representing a net initial yield of 8.23%.

“This purchase in Dublin is in line with our investment strategy to acquire European logistics and warehouse properties to benefit from the increase in e-retailing activity across Europe,” CEO Mike Riley said in a statement.

The warehouse facility is located in a strategic logistics position in north-west Dublin near the international airport and Dublin Port Tunnel.

The 7 271 m2 property is let to Viking Direct, a global company forming part of Office Depot, on a 20-year full repairing and insuring lease from August 24, 2007, at a rent of €743 518 a year.