Toronto-based Slate Office REIT has completed the acquisition of Irish commercial property company Yew Grove REIT for €127.8 million.
The REIT has acquired fit-for-purpose portfolio of 23 office, life sciences and lite-industrial properties located in Ireland.
Steve Hodgson, Chief Executive Officer of the REIT, said: “With the close of this transaction, we are further enhancing the quality, diversity and scale of our portfolio and establishing a strong platform for continued growth in a market with attractive investment fundamentals and economic tailwinds. Our team’s ability to source and execute this transaction at a substantial discount to replacement cost and with meaningful upside rent potential will continue to drive organic earnings growth and create long-term value for our unitholders. We look forward to onboarding the Yew Grove team and working closely together to pursue future investment opportunities in Ireland and beyond.”