New Frontier earmarks R412m for logistics expansion in Europe
JSE AltX and Mauritius-listed New Frontier Properties has announced the acquisition of Unit 1 in Stadium Business Park in Dublin, Ireland for €8.65m, representing a net initial yield of 8.23%. The group is shifting its focus from retail to including logistics assets. New Frontier CEO Mike Riley plans to acquire more logistics assets before the end of 2017. "This purchase in Dublin is in line with our investment strategy to acquire European logistics and warehouse properties so as to benefit from the increase in e-retailing activity across Europe. This modern warehouse facility is located in a strategic logistics position in northwest Dublin near the International Airport and Dublin Port Tunnel." The 7,271m² Dublin property is let to Viking Direct (Ireland), a global company forming part of Office Depot, which is one of the largest suppliers of office stationery in the world, on a 20-year, full repairing and insuring lease from August 24 2007 at a rent of €743,518 per annum. European...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.