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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