Yew Grove REIT Launches Capital Raise Programme To Fund Acquisitions (ALLISS)

Thu, 13th Jun 2019 14:27

(Alliance News) - Yew Grove REIT PLC on Thursday said it intends to raise new capital via a new 12-month 100 million share issue programme to fund acquisitions that fit the company's investment policy.

The real estate investment trust initially intends to issue between 8 million to 10 million shares at EUR1 per share, the first tranche of the share issuance programme.

Yew Grove said it has identified an attractive industrial property portfolio worth EUR13 million and representing a 7.6% net investment yield. Additionally, a pipeline of acquisitions with a combined cost exceeding EUR70 million has been identified and is being progressed.

"The board continues to believe that consolidation within its target market offers the opportunity to build a EUR300-500 million portfolio of high-yielding, high-quality assets over a medium term period," the company said.

The company expects to announce a second quarter dividend of no less than 3.0 cents per share in June, including a 1.5 cent special dividend deriving from property income from a recent lease surrender agreement.

Shares in Yew Grove REIT were down 0.5% at EUR1.005 per share on Thursday in London.

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