3 Mar 2021 15:46
Yew Grove REIT plc
(the "Company" or "Yew Grove ")
Asset Management Update - Correction
Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, announces the following amendment to the "Asset Management Update" announcement released on 25 February 2021 at 07:00 under RNS Number: 2572Q.
The commencement date of the new lease of the Gateway Three building, East Wall Road, Dublin is changed from "1 January 2021" to "1 January 2022" and the corresponding date in the sentence "The new Gateway Three lease will add an additional €390,000 to the existing rent roll from 1 January 2021" is amended to 1 January 2022.
All other details remain unchanged and the full amended text is shown below:
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.
The Company has agreed a new lease for the entirety of the Gateway Three building, East Wall Road, Dublin to the Electricity Supply Board ("ESB") group. The ESB, which is majority (95%) owned by the Irish government, had occupied all of this building on a lease for 43,220 sq ft and 30 car parking spaces which would have expired on 31 December 2021. The ESB has signed a lease extension from 1 January 2022 for a further term of five years with an option of an additional one year extension at an initial headline rate of €29 per sq. ft. in line with the Company's view on ERV.
Since the start of the new year, the Company has also agreed three rent reviews at Millennium Park Naas, Block A Waterford and Blackwater House Mallow, which add a further €80,000 (0.7%) to the Company's annual rent roll. The new Gateway Three lease will add an additional €390,000 to the existing rent roll from 1 January 2022.
Together with the new lease at Cork Airport and combined with four separate break notices that expired so far in 2021 (in Ashtown Gate, Millennium Park & Gateway One) this activity has increased Yew Grove's pro forma portfolio weighted average unexpired lease term ("WAULT") to expiry and break to 7.7 and 4.8 years respectively from 7.1 and 4.1 years.
Jonathan Laredo, Chief Executive of Yew Grove, commented:
"We are delighted that the ESB have decided to stay in East Wall Road and look forward to working with them in the future. I am pleased that we continue to make progress in managing our estate and have now completed 14 asset management projects since the first lock down in 2020. It is also very pleasing that our tenants continue to express confidence in their future in our offices."
For further information contact:
Yew Grove REIT plc | +353 1 485 3950 |
Jonathan Laredo, Chief Executive Officer | |
Charles Peach, Chief Financial Officer | |
Michael Gibbons, Chief Investment Officer | |
Goodbody Stockbrokers UC | +353 1 667 0400 |
Joint Broker & Euronext Growth Advisor | |
David Kearney, John Flynn, Edel O'Reilly, Ronan Bransfield | |
Liberum Capital Limited | |
Joint Broker & Nomad | +44 20 3100 2000 |
Richard Crawley, Jamie Richards | |
IFC Advisory Limited | +44 203 934 6630 |
Financial PR | yewgrovereit@investor-focus.co.uk |
Tim Metcalfe, Graham Herring |
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 Growth 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.