27 Oct 2021 07:00
Yew Grove REIT plc
(the "Company" or "Yew Grove ")
Asset Management Update
Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to announce an update covering recent asset management activities.
Yew Grove has agreed a lease surrender for its industrial unit L2, Naas Enterprise Park, County Kildare and a new lease with DHL Express (Ireland) Ltd. The lease is for the entire 33,723 sq. ft building, for a 10-year term, at a rent 56% above the previous lease.
Additionally, the Company has signed two new leases and agreed a third lease. In Blackwater House, Mallow, County Cork, one new lease has been signed with St Joseph's Foundation for 7,220 sq. ft on a 10-year term; and one has been agreed with Hallmark Buildings Services Ltd for 2,989 sq. ft on a 10-year lease (break clause at 5 years). The Company has also signed a new lease with Axis Construction Ltd. in Willow House, Millennium Park for 2,628 sq. ft on a 4 year term with a two year break option.
In addition, the Company has agreed rent reviews at Beech House, Millennium Park and Teleflex in Athlone.
In total these asset management activities have added €255,000 to the Company's annual rent roll, reduced portfolio vacancy from 4.9% to 4.0% and the portfolio weighted average unexpired lease term ("WAULT") to expiry and break are at 7.7 and 4.4 years respectively*.
*all comparisons with the portfolio at 30 June 2021 exclude properties for which a sale was agreed at that date
Jonathan Laredo, Chief Executive of Yew Grove, commented:
"We are happy that through active engagement with the companies that occupy our buildings we continue to reduce our residual vacancy and to capture reversionary rent. The Company has invested, and will continue to invest, in our properties ensuring those buildings are attractive to both current and prospective tenants."
For further information contact:
Yew Grove REIT plc | +353 1 485 3950 |
Jonathan Laredo, Chief Executive Officer |
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Charles Peach, Chief Financial Officer |
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Michael Gibbons, Chief Investment Officer |
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Goodbody Stockbrokers UC | +353 1 667 0400 |
Joint Broker & Euronext Sponsor |
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David Kearney, John Flynn, Edel O'Reilly |
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Liberum Capital Limited |
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Joint Broker & Nomad | +44 20 3100 2000 |
Richard Crawley, Jamie Richards |
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IFC Advisory Limited | +44 203 934 6630 |
Financial PR | yewgrovereit@investor-focus.co.uk |
Tim Metcalfe, Graham Herring |
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Forward-looking Statements
Certain information contained in this announcement may constitute forward looking information. This information relates to future events or occurrences or the Company's future performance. All information other than information of historical fact is forward looking information. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "predict" and "potential" and similar expressions are intended to identify forward looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that this information will prove to be correct and such forward looking information included in this announcement should not be relied upon. Forward-looking information speaks only as of the date of this announcement. The forward-looking information included in this announcement is expressly qualified by this cautionary statement and is made as of the date of this announcement. The Company and its group does not undertake any obligation to publicly update or revise any forward-looking information except as required by applicable securities laws.
Notes to editors
Yew Grove REIT plc, quoted on the London Stock Exchange's AIM market and on the Euronext Main Market in 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 and asset management 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.