TIDMYEW

RNS Number : 5133T

Yew Grove REIT PLC

25 March 2021

25 March 2021

Yew Grove REIT plc

(the "Company" or "Yew Grove ")

Update to Portfolio Valuation

Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to announce an increase in the Company's portfolio valuation as of 1 March 2021.

The Company is preparing a prospectus in connection with the Company's intended listing on the Main Securities Market of Euronext Dublin. As part of that process the Company's external valuers, Lisney Limited, were required to prepare a valuation of the Company's properties as at 1 March 2021. This valuation reflects asset management initiatives since the year end, including the new leases in Cork Airport and East Wall Road, other rent reviews and the passage of time since 31 December, 2020. The valuation as at 1 March 2021 is EUR143,185,000, an increase of EUR1,260,000 on the year end valuation.

The details of the 1 March 2021 valuation are set out in the table below:

 
      Property      Type         Location    Value       Contracted   Gross   Reversionary   Gross          WAULT     WAULT     Portfolio 
                                             (EUR'000)    Rent        Yield    Rent Roll     Reversionary   to        to         Vacancy 
                                                          Roll        at       (EUR'000)     Yield          lease     lease 
                                                          (EUR'000)   Fair                                  break     end 
                                                                      Value                                 (years)   (years) 
 1    One Gateway   Office       Dublin      19,180      1,306        6.8%    1,495          7.8%           1.5       2.5       0.4% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
                                 North 
 2    Letterkenny   Office        West       15,640      1,437        9.2%    1,458          9.3%           7.1       7.1       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Three 
 3     Gateway      Office       Dublin      15,350      913          6.0%    1,178          7.7%           5.8       5.8       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      IDA Athlone 
       Unit 
 4     B & B2       Industrial   Midlands    11,625      1,013        8.7%    1,013          8.7%           2.3       12.7      0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
 5    Teleflex      Office       Midlands    11,550      948          8.2%    851            7.4%           7.6       10.6      0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Ashtown 
       Gate 
       Blocks 
 6     B&C          Office       Dublin      10,010      800          8.0%    770            7.7%           4.9       6.5       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Birch 
       House                     Dublin 
 7     MP           Office       Catchment   8,300       697          8.4%    697            8.4%           9.3       14.4      0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Unit 
       2600, 
       Cork 
 8     Airport      Office       Cork        7,250       350          4.8%    689            9.5%           4.8       14.8      49.2% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Chestnut 
       House                     Dublin 
 9     MP           Office       Catchment   6,200       507          8.2%    574            9.3%           2.7       2.7       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Airways 
       Units 
 10    7&8          Industrial   Dublin      5,860       320          5.5%    550            9.4%           4.6       9.6       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      IDA 
      Waterford 
      Block                      South 
 11   A             Office        East       4,150       353          8.5%    424            10.2%          2.5       13.9      0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      IDA Athlone 
       Block 
 12    A            Industrial   Midlands    3,640       270          7.4%    313            8.6%           4.7       7.8       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Hazel 
       House                     Dublin 
 13    MP           Office       Catchment   3,460       341          9.8%    341            9.8%           2.6       4.2       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Willow 
       House                     Dublin 
 14    MP           Office       Catchment   3,300       222          6.7%    315            9.5%           3.9       5.0       16.6% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Ash House                  Dublin 
 15    MP           Office       Catchment   3,310       326          9.8%    331            10.0%          5.3       5.3       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      IDA Athlone 
       Block 
 16    C            Industrial   Midlands    3,215       280          8.7%    253            7.9%           3.6       8.6       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Blackwater 
 17    House        Office       Cork        2,860       236          8.3%    343            12.0%          4.0       4.0       29.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Beech 
       House                     Dublin 
 18    MP           Office       Catchment   2,170       229          10.6%   225            10.4%          1.5       6.6       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Unit                       Dublin 
 19   L2 Toughers   Industrial   Catchment   1,930       170          8.8%    211            10.9%          2.0       2.0       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Old Mill      Mixed        South 
 20    Lane          Use          West       1,690       247          14.6%   162            9.6%           5.5       7.9       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Bridge 
 21    Centre       Retail       Midlands    1,575       209          13.3%   161            10.2%          7.6       8.2       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
      Canal         Mixed 
 22    House         Use         Midlands    920         107          11.6%   55             6.0%           5.9       5.9       0.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
                    Total                    143,185     11,281       7.9%    12,408         8.7%           4.8       7.7       4.0% 
     ------------  -----------  ----------  ----------  -----------  ------  -------------  -------------  --------  --------  ---------- 
 

Jonathan Laredo, Chief Executive of Yew Grove, commented:

"I am pleased that our active management of the portfolio continues to improve the Company's rent and WAULT, and is being reflected in the underlying valuation."

For further information contact:

 
 Yew Grove REIT plc                           +353 1 485 3950 
 Jonathan Laredo, Chief Executive Officer 
                                             ---------------------------------- 
 Charles Peach, Chief Financial Officer 
                                             ---------------------------------- 
 Michael Gibbons, Chief Investment Officer 
                                             ---------------------------------- 
 
 Goodbody Stockbrokers UC                     +353 1 667 0400 
                                             ---------------------------------- 
 Joint Broker & Euronext Growth Advisor 
                                             ---------------------------------- 
 David Kearney, John Flynn, Edel O'Reilly 
                                             ---------------------------------- 
 
 Liberum Capital Limited 
                                             ---------------------------------- 
 Joint Broker & Nomad                         +44 20 3100 2000 
                                             ---------------------------------- 
 Richard Crawley, Jamie Richards 
                                             ---------------------------------- 
 
 IFC Advisory Limited                         +44 203 934 6630 
                                             ---------------------------------- 
 Financial PR                                 yewgrovereit@investor-focus.co.uk 
                                             ---------------------------------- 
 Tim Metcalfe, Graham Herring 
                                             ---------------------------------- 
 

Forward-looking Statements

Certain information contained in this announcement may constitute forward looking information. This information relates to future events or occurrences or the Company's future performance. All information other than information of historical fact is forward looking information. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "predict" and "potential" and similar expressions are intended to identify forward looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that this information will prove to be correct and such forward looking information included in this announcement should not be relied upon. Forward-looking information speaks only as of the date of this announcement. The forward-looking information included in this announcement is expressly qualified by this cautionary statement and is made as of the date of this announcement. The Company and its group does not undertake any obligation to publicly update or revise any forward-looking information except as required by applicable securities laws.

Notes to editors

Yew Grove REIT plc, quoted on the London Stock Exchange's AIM market and on the Euronext Growth Market in 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 and asset management 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.

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END

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March 25, 2021 07:34 ET (11:34 GMT)

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