25 Oct 2018 07:00
Yew Grove REIT plc
(the "Company" or "Yew Grove REIT")
Active asset management at IDA Business and Technology Park Athlone
Acquisition of land and development of car park
Yew Grove REIT plc, which owns a diversified portfolio of Irish commercial property assets, is pleased to announce as part of the active asset management programme, it has exchanged contracts to acquire land from the IDA Ireland adjacent to Yew Grove's advanced technology building, currently leased to KCI Manufacturing. In response to demand from its existing tenant, the Company has contracted the construction of a 70-space car park and signed an agreement with KCI Manufacturing to lease the additional space. The investment is expected to total approximately €0.5m.
This project is one of a number of Yew Grove's asset management initiatives to improve the Company's properties and facilitate its clients expanding and changing requirements.
Commenting on the transaction, Yew Grove CEO Jonathan Laredo said:
"We are pleased to announce that we will be providing KCI with increased and enhanced car parking facilities as well as securing the land required for any future expansion of their facilities. We believe that an active partnership with our tenants is the most productive way to help us both grow our businesses."
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