Yew Grove REIT PLC Acquisitions (3622Z)
21 Mayo 2021 - 1:00AM
UK Regulatory
TIDMYEW
RNS Number : 3622Z
Yew Grove REIT PLC
21 May 2021
21 May 2021
Yew Grove REIT plc
(the "Company" or "Yew Grove")
Acquisitions
Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a
diversified portfolio of Irish commercial property assets, is
pleased to announce that it has exchanged contracts for the
purchase of an industrial building in Dundalk and two adjoining
office properties in Citywest Dublin.
In Dundalk, the Company has exchanged contracts on Tanola House
on Coes Road, Dundalk, a recently constructed high bay industrial
building of 86,451 sq. ft. over two adjoining blocks. The property
has a 12.5m eaves height, 120 car parking spaces and is tenanted by
a US multinational under two leases which together have a weighted
average unexpired lease term ("WAULT") to first break of
approximately 8.4 years and a WAULT to expiry of 18.4 years. Tanola
House was acquired for c. EUR8 million, with a current annual rent
of EUR601,000 stepping up in approximately four years across both
leases to EUR631,000, representing a net initial yield of 6.9% and
increasing to 7.3% at the step up.
The Company has also exchanged contracts to purchase Blocks
E&F, Citywest Dublin, for EUR11 million. The property has two
adjoining office blocks of 45,972 sq. ft. with 165 car parking
spaces and is fully tenanted by three multinational tenants paying
a current annual rent of EUR984,000. This represents a net initial
yield of 8.2% with a potential reversionary yield of 9.2%. The
property has a WAULT of 4.0 years to first break and 6.4 years to
expiry.
On completion of these transactions, Yew Grove will have a
portfolio of 24 properties with a proforma gross asset value of
approximately EUR162 million (which will rise to an estimated
EUR172 million on completion of the forward funding transaction in
Athlone) and a current annualised rent roll of approximately
EUR12.9 million.
The purchases were funded utilising the proceeds of the
Company's recent equity issue and debt capacity from its revolving
credit facility.
Yew Grove REIT has a differentiated and diverse portfolio of
well tenanted commercial office and industrial properties situated
outside of the Dublin central business district. The Company's
geographic target market continues to combine properties with
tenants with strong credit quality and attractive purchase yields
and rising rents.
.
Commenting on the transactions, Yew Grove CEO Jonathan Laredo,
said:
"We are pleased with the acquisitions in Dundalk and Citywest,
the new properties are reversionary and will benefit from Yew
Grove's asset management capabilities, which should generate
significant value for both tenants and our shareholders.
"Having again demonstrated our ability to effectively and
rapidly deploy capital, we remain focused on the significant and
valuable opportunities in today's market to acquire well built,
well tenanted assets."
Enquiries:
Yew Grove REIT plc +353 1 485 3950
Jonathan Laredo, Chief Executive
Officer
Michael Gibbons, Chief Investment
Officer
Charles Peach, Chief Financial Officer
Goodbody Stockbrokers UC +353 1 667 0400
Joint Broker & Euronext Growth Advisor
David Kearney, John Flynn, Edel O'Reilly,
Linda Clarke
Liberum Capital Limited +44 20 3100 2000
Joint Broker & Nomad
Richard Crawley, Jamie Richards
IFC Advisory +44 203 934 6630
Financial PR yewgrovereit@investor-focus.co.uk
Tim Metcalfe, Graham Herring
Notes to editors:
Yew Grove REIT plc, quoted on the London Stock Exchange's AIM
and Euronext Growth Dublin, is an Irish commercial real estate
company invested in a diversified portfolio of Irish commercial
property. Yew Grove has a particular focus on well-tenanted
commercial real estate assets comprising of office and industrial
assets outside of Dublin's Central Business District.
Yew Grove's highly experienced team has a proven track record in
commercial property investment in Ireland and internationally and
is focused on delivering results. Its investment approach is
strategic, not speculative, principally on assets that are let,
pre-let or to be let after refurbishment. Shareholders are provided
with stable, long-term income from a diverse portfolio of
commercial property comprising well-tenanted real estate in
strategic centres let to Irish government entities and other state
bodies, IDA Ireland supported and other FDI companies, and larger
corporates.
ENDS
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END
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May 21, 2021 02:00 ET (06:00 GMT)
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