Yew Grove REIT PLC IDA Ireland Building Acquisition (8819R)
01 Noviembre 2019 - 01:00AM
UK Regulatory
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
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END
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