TIDMYEW

RNS Number : 8819R

Yew Grove REIT PLC

01 November 2019

1 November 2019

Yew Grove REIT plc

(the "Company" or "Yew Grove")

Acquisition of an office building on the IDA Business and Technology Park, Athlone

Yew Grove REIT plc (LSE:YEW, Euronext Growth:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to announce that it has reached agreement to purchase an office building at the IDA Ireland Business and Technology Park, Garrycastle, Athlone. The purchase price for the building will be EUR12 million, which represents a net initial yield of 7.2 per cent. after accounting for purchase costs and has reversionary potential linked to CPI. The purchase is expected to complete by 3 January 2020.

The building, constructed in 2016, has 45,370 sq. ft. of modern office space with associated car parking and is leased to an FDI tenant. The lease has a weighted average unexpired lease term (WAULT) to break of 8.9 years and to lease expiry of 11.9 years. The total current rent roll for the building is EUR0.95 million per annum.

The acquisition of this building brings Yew Grove's total footprint in this IDA Ireland park to c.205,000 sq. ft. in five buildings with an aggregate annual rent of c.EUR2.4 million from four different tenants.

Commenting on the acquisition, Yew Grove CEO Jonathan Laredo said:

"We are pleased to have expanded our footprint in Athlone, a major med-tech hub in Ireland. 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.

"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. We continue to effectively deploy our capital in a portfolio at attractive yields with robust tenant covenants and very strong occupancy."

Enquiries:

 
 Yew Grove REIT plc                                  Tel: +353 (1) 480 
                                                      3960 
 Jonathan Laredo, Chief Executive Officer 
 Michael Gibbons, Chief Investment Officer 
 Charles Peach, Chief Financial Officer 
 
 Investec Bank plc 
 NOMAD & Joint Broker:                               Tel: +44 (0) 20 7597 
  David Anderson, Cassie Herlihy                      5970 
 
 Investec Europe Limited trading as                  Tel: +353 (1) 421 
  Investec Europe                                     0000 
  Euronext Growth Advisor & Joint Broker: 
  Tommy Conway, Eoin Kennedy 
 Goodbody Stockbrokers 
 Joint Broker:                                       Tel +353 (1) 667 0400 
  David Kearney, Joe Gill 
 
 IFC Advisory                                        Tel +44 (0) 20 3934 
  Financial PR:                                       6634 
  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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

ACQUARBRKWAROAA

(END) Dow Jones Newswires

November 01, 2019 03:00 ET (07:00 GMT)

Yew Grove Reit (LSE:YEW)
Gráfica de Acción Histórica
De Feb 2024 a Mar 2024 Haga Click aquí para más Gráficas Yew Grove Reit.
Yew Grove Reit (LSE:YEW)
Gráfica de Acción Histórica
De Mar 2023 a Mar 2024 Haga Click aquí para más Gráficas Yew Grove Reit.