Commercial property investment firm Yew Grove has acquired an office building in IDA Ireland's Athlone business park for €12m.

The building is currenly leased to a multinational business for €950,000 per year. Yew Grove said that would represent a net initial yield of 7.2%.

It is the fifth building the firm has acquired in the Athlone business park, representing a combined annual rent of €2.4m.

"This is a desirable asset with an excellent tenant in one of the country's premier business and technology parks and will allow the company to expand in line with our clients," said Yew Grove CEO Jonathan Laredo. "There remains significant opportunity to grow this portfolio, both through further acquisitions and through asset management opportunities within the existing properties, and these activities will generate superior returns for our shareholders."