19 Sep 2018 08:53
Yew Grove REIT plc
(the "Company" or "Yew Grove REIT")
Acquisition of Blackwater House for €1.85 million
Yew Grove REIT plc, which owns a diversified portfolio of Irish commercial property assets, is pleased to announce it has exchanged contracts to acquire Blackwater House, which is situated at Mallow Business Park, County Cork, for an agreed price of €1.85 million, representing a net initial yield of 10.5%.
The building, which was included as part of the property pipeline in the Company's admission document, is a multi-tenanted office building comprising some 28,880 sq. ft. of Grade A space. Blackwater House has a strong tenant mix with 85% of rental income coming from Irish Water and the Health Service Executive (HSE). The Company plans to invest further capital to enhance the building and will progress discussions to let the existing vacancy with prospective tenants.
Commenting on the acquisition, Yew Grove CEO Jonathan Laredo:
"We are very pleased to announce the acquisition of this building and the adjoining site. Not only is it one of the few grade A office buildings in the immediate area but it also offers plentiful opportunity for asset management. This will enhance both the capital value and rental income over the medium-term."
Enquiries:
Yew Grove REIT plc | Tel: +44 203 627 2720 | ||
Jonathan Laredo, Chief Executive Officer | |||
Michael Gibbons, Chief Investment Officer | |||
Charles Peach, Chief Financial Officer | |||
Investec Bank plc | |||
NOMAD & Broker: David Anderson, Darren Vickers | Tel: +44 (0) 20 7597 5970 | ||
ESM Advisor & Broker: Tommy Conway, Eoin Kennedy | Tel: +353 (1) 421 0000 | ||
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Hume Brophy | Tel: + 353 (1) 662 4712 |
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Media Enquiries | yewgrove@humebrophy.com |
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Edel Bach, Karin O'Conor, Sarah McDonagh |
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Notes to editors:
Yew Grove REIT raised gross proceeds of approximately €75 million in June 2018 to invest in a diversified portfolio of Irish commercial property, with a particular focus on well-tenanted commercial real estate assets comprising office and industrial assets let to Irish government entities (and other state bodies), IDA Ireland supported and other FDI companies, and larger corporates, located in a geographic target market.
ENDS