Yew Grove REIT PLC Completion of Acquisition (2672C)
07 February 2020 - 6:01PM
UK Regulatory
TIDMYEW
RNS Number : 2672C
Yew Grove REIT PLC
07 February 2020
7 February 2020
Yew Grove REIT plc
(the "Company" or "Yew Grove")
Completion of acquisition of portfolio of six office properties
at Millennium Park, Naas, County Kildare
Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a
diversified portfolio of Irish commercial property assets, is
pleased to announce that, further to the announcement on 19
December 2019, it has now completed the acquisition of a portfolio
of six office buildings at Millennium Park, Naas, County Kildare
(the "Portfolio"). The purchase price for the Portfolio is EUR25.3
million, which represents a net initial yield of 5.8 per cent.
after accounting for purchase costs. The Portfolio has reversionary
potential expected to yield in excess of 9 per cent.
The Portfolio has 141,000 sq. ft. of modern offices over six
buildings, as well as 773 carparking spaces and a six-acre
greenfield site. Five of the office buildings are tenanted by
foreign direct investment ("FDI") and large Irish enterprises, with
one of the buildings being vacant. The combined leases have a
weighted average unexpired lease term (WAULT) to break of
approximately 2.5 years and to lease expiry of approximately 5
years. The current annual rent roll for the Portfolio is
approximately EUR1.6 million.
The Portfolio is a part of the Millennium Park, Naas development
which is situated approximately 40 minutes' drive from Dublin City
Centre and Dublin Airport. It is expected to benefit from the
recent upgrade of the M7 motorway and significantly improved access
from the new M7 interchange at Millennium Park, which is expected
to open in March 2020.
With completion of the Millennium Park Portfolio acquisition,
and taking account of other announced acquisitions and disposals,
Yew Grove has a portfolio of 28 properties with a proforma gross
asset value of approximately EUR140m and a current annualised rent
roll of approximately EUR10.4m.
Commenting on the acquisition, Yew Grove CEO Jonathan Laredo,
said:
"We are pleased to have completed the acquisition of this
attractive portfolio of modern office buildings in a well-located
business park. These are reversionary assets which will benefit
from Yew Grove's asset management capabilities and will generate
significant value for both tenants and our shareholders.
"Yew Grove has a differentiated and diverse portfolio of well
tenanted commercial office and industrial properties outside of the
Dublin central business district. The Company's geographic target
market continues to combine attractive purchase yields and rising
rent levels. Against these market dynamics, we continue to pursue a
number of value enhancing investment opportunities."
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
Goodbody Stockbrokers UC Tel +353 1 667 0400
Joint Broker & Euronext Growth Advisor
-----------------------------
David Kearney, John Flynn, Edel O'Reilly,
Ronan Bransfield
-----------------------------
Liberum Capital Limited
-----------------------------
Joint Broker & Nomad Tel +44 20 3100 2000
-----------------------------
Richard Crawley, Jamie Richards, Jonathan
Wilkes-Green
-----------------------------
IFC Advisory Tel +44 (0) 20 3934
Financial PR 6630
Tim Metcalfe, Graham Herring
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
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END
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