21 Dec 2018 07:00
21st December 2018
Yew Grove REIT plc
(the "Company" or "Yew Grove")
Revolving loan facility
Yew Grove, which invests in a diversified portfolio of well tenanted Irish commercial property, is pleased to announce that it has agreed a 3 year floating rate loan facility (the "Facility") with Allied Irish Banks, p.l.c. ("AIB").
The Facility is for up to €19.9 million and is within the loan to value target of 25 per cent. set by the Board of Yew Grove and outlined in the Company's admission document. The Facility is secured on certain of Yew Grove's properties and is available to the Company until December 2021.
As noted in the Company's investment policy, the Facility will be used to part finance the Company's acquisition of properties and to enhance investment returns, including dividends to shareholders.
Jonathan Laredo, CEO of Yew Grove, commented:
"Having successfully deployed €59m since IPO earlier this year, this new facility means that Yew Grove has available resources of €33m to support the continued acquisition of well tenanted, well covenanted and high yielding commercial real estate."
Enquiries:
Yew Grove REIT plc | Tel: +353 1 4853950 |
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Jonathan Laredo, Chief Executive Officer Michael Gibbons, Chief Investment Officer Charles Peach, Chief Financial Officer
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Investec Bank plc |
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Joint Broker & ESM Advisor Tommy Conway, Eoin Kennedy
Joint Broker & NOMAD David Anderson, Darren Vickers | Tel: +353 1 421 0000
Tel: +44 207 5975970
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Goodbody Stockbrokers UC |
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Joint Broker David Kearney, Joe Gill | Tel: +353 1 667 0400
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Hume Brophy | Tel: + 353 1 662 4712 | |
Media Enquiries Edel Bach, Karin O'Conor | yewgrove@humebrophy.com | |
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 attractive locations in the Dublin suburbs and catchment area, main regional cities, and IDA business parks (the "Geographic Target Market").