Stock market-listed property investor Yew Grove Reit is buying an industrial building in Dundalk and two adjoining office properties in Citywest Dublin for a combined total of €19m.

Yew Grove is mainly focused on regional towns and cities here.

In Dundalk, the company has exchanged contracts on Tanola House on Coes Road. This is a recently constructed industrial building of 86,451 square ft. over two adjoining blocks.

The premises comes with 120 car parking spaces and is tenanted by a US multinational under two leases, which together have a weighted average unexpired lease term (WAULT) to first break of approximately 8.4 years and a WAULT to expiry of 18.4 years, according to a statement from Yew Grove.

Tanola House was acquired for around €8m, with a current annual rent of €601,000 increasing in approximately four years across both leases to €631,000. This represents a net initial yield of 6.9pc, rising to 7.3pc at the increase.

Yew Grove has also exchanged contracts to purchase Blocks E&F, Citywest Dublin, for €11m.

The property has two adjoining office blocks of 45,972 square ft. with 165 car parking spaces and is fully tenanted by three multinational tenants paying a current annual rent of €984,000. This represents a net initial yield of 8.2pc with a potential reversionary yield of 9.2pc.

The property has a WAULT of four years to first break and 6.4 years to expiry.

Commenting on the transactions, Yew Grove CEO Jonathan Laredo, said: "We are pleased with the acquisitions in Dundalk and Citywest, the new properties are reversionary and will benefit from Yew Grove's asset management capabilities, which should generate significant value for both tenants and our shareholders.”

"We remain focused on the significant and valuable opportunities in today's market to acquire well built, well tenanted assets," he added.

On completion of these transactions, Yew Grove will have a portfolio of 24 properties with a proforma gross asset value of approximately €162m, which will rise to an estimated €172m on completion of a forward funding transaction in Athlone, according to the group.

The company has a current annualised rent roll of approximately €12.9m.

The purchases were funded utilising the proceeds of the company's recent equity issue and debt capacity from its revolving credit facility.

In March Yew Grove said it hopes to spend more than €100m on commercial property acquisitions in Ireland this year.