YEW Yew Grove Reit Plc

TIDMYEW

RNS Number : 8731S

Yew Grove REIT PLC

11 November 2019

11 November 2019

Yew Grove REIT plc

(the "Company" or "Yew Grove")

Sale of non-core property

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 sell one of its non-core industrial properties, on Heather Road, Sandyford, for EUR1.1 million to an international investor. The sale price at EUR1.1 million represents an initial yield of 7.6 per cent. after accounting for purchase costs and is expected to be slightly accretive to net asset value (NAV) for Yew Grove.

Commenting on the exchange of contracts, Yew Grove CEO Jonathan Laredo, said:

"Having identified five non-core properties in our portfolio, we are pleased to have made a good start to the disposal programme, and to have reached agreement to sell this asset at above book value.

"We have significant opportunity to grow our portfolio and the returns from that portfolio, both through acquisitions and asset management, and the proceeds from this and future potential sales will be recycled into new investments."

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                                        6630 
  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

DISFSIFWAFUSEEF

(END) Dow Jones Newswires

November 11, 2019 02:00 ET (07:00 GMT)

Yew Grove Reit (LSE:YEW)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024

Yew Grove Reit (LSE:YEW)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024