20 Dec 2019 18:08
20 December 2019
Yew Grove REIT plc
(the "Company" or "Yew Grove")
Completion of acquisition of office building on the IDA Business and Technology Park, Athlone.
Yew Grove REIT plc (LSE:YEW, Euronext Growth:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to announce that further to its announcement of 1 November 2019 it has completed the purchase the office building at the IDA Business and Technology Park, Garrycastle, Athlone. The purchase price for the building was €12 million, which represents a net initial yield of 7.2 per cent. after accounting for purchase costs and has reversionary potential linked to CPI.
The building, constructed in 2016, has 45,370 sq. ft. of modern office space with associated car parking and is leased to an FDI tenant. The lease has a weighted average unexpired lease term (WAULT) to break of 8.9 years and to lease expiry of 11.9 years. The total current rent roll for the building is €0.95 million per annum.
The acquisition of this building brings Yew Grove's total footprint in this IDA Ireland park to c.205,000 sq. ft. in five buildings with an aggregate annual rent of c.€2.4 million from four different tenants.
Enquiries:
Yew Grove REIT plc | Tel: +353 (1) 480 3960 | ||||
Jonathan Laredo, Chief Executive Officer | |||||
Michael Gibbons, Chief Investment Officer | |||||
Charles Peach, Chief Financial Officer | |||||
Investec Bank plc | |||||
NOMAD & Joint Broker: David Anderson, Cassie Herlihy | Tel: +44 (0) 20 7597 5970 | ||||
Investec Europe Limited trading as Investec Europe Euronext Growth Advisor & Joint Broker: Tommy Conway, Eoin Kennedy
| Tel: +353 (1) 421 0000
| ||||
Goodbody Stockbrokers | |||||
Joint Broker: David Kearney, Joe Gill | Tel +353 (1) 667 0400 | ||||
| |||||
IFC Advisory Financial PR Tim Metcalfe, Graham Herring | Tel +44 (0) 20 3934 6634 | ||||
Notes to editors:
Yew Grove REIT plc, quoted on the London Stock Exchange's AIM and Euronext Growth 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 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.
ENDS