Yew Grove REIT PLC agreed to purchase the One and Three Gateway office properties on East Wall Road in Dublin for €29 million, reflecting 6.5% net initial yield and more than 8.5% of gross reversionary yield.

The deal marks the Irish diversified real estate investment trust's first acquisition post-IPO, CEO Jonathan Laredo said.

The two properties span roughly 94,793 square feet and have a combined weighted average unexpired lease term of 2.8 years to break, with four years to expiry. The two properties are 97% occupied and list Electricity Supply Board of Ireland, Whirlpool Corp. and Colt Technology Services Ltd. among the tenants.