Irish property investor Yew Grove REIT has secured a lease extension from a key tenant in its Dublin office portfolio.
The Electricity Supply Board, majority owned by the Irish government, has signed a five-year extension on the entirety of Yew Grove’s 43,220 sq ft Gateway Three building, at €29 per sq ft – the deal adds €390,000 (£335,000) to Yew Grove’s annual rent roll. ESB’s existing lease had been due to expire on 31 December this year.
Yew Grove bought One and Three Gateway for €29m in mid-2018, its first acquisition after listing.
In an asset management update, the company said it has also agreed three rent reviews at its Millennium Park Naas, Block A Waterford and Blackwater House Mallow sites, adding €80,000, or 0.7%, to the rent roll.
Chief executive Jonathan Laredo said: “I am pleased that we continue to make progress in managing our estate and have now completed 14 asset management projects since the first lock down in 2020. It is also very pleasing that our tenants continue to express confidence in their future in our offices.”
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