StockMarketWire.com - Irish commercial property investor Yew Grove REIT said it had agreed to a new up to €19.9m with Allied Irish Banks to help acquire three office assets

The properties were located at the IDA business park in Letterkenny, county Donegal for €16m, representing a net initial yield of 8.35%.

The three-year floating rate facility was within the company's loan-to-value target of 25%.

It was secured on certain Yew Grove properties and available to the company until December 2021.

'As noted in the company's investment policy, the facility will be used to part finance the company's acquisition of properties and to enhance investment returns, including dividends to shareholders,' Yew Grove said.

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