The trust bought the 29-strong Ashbourne portfolio in 1998 in a euro 97-million ($120-million) sale-leaseback. REIT manager Kevin McGrath said at the time that the deal was part of a strategy to build a euro 296-million ($364-million) low-risk portfolio in anticipation of a downturn in the property market.
But now the group wants to expand aggressively in India and Germany and decided to exit the sector to capitalize on increased demand. Earlier this year it sold two of the homes from the Ashbourne portfolio to Domo for euro 12.4 million ($15.3 million) at a 6.5% yield.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
