Acting on behalf of Bomac Northwest Ltd, Ryden has sold three office properties at Letterkenny Office Park in Letterkenny, Co Donegal, Ireland to property investor Yew Grove REIT, for a total price of €16m and a net initial yield of 8.35%.
The three high-quality, recently refurbished office buildings, totalling 90,548 sq ft, are currently occupied by Optum Operations Ltd under 10-year leases, with a total annual passing rent of €1,436,720.
Ian Dougherty, Investment Partner at Ryden, commented: “We are delighted to have secured the successful sale of Letterkenny Office Park following a targeted marketing campaign.
“The sale highlights the continued demand for modern, well secured offices investments in the current market.”
Ryden acted jointly for Bomac Northwest in conjuction with Eoin Conway & Associates.
