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Yew Grove REIT PLC (YEW)

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Friday 08 February, 2019

Yew Grove REIT PLC

Acquisition

RNS Number : 5081P
Yew Grove REIT PLC
08 February 2019
 

Yew Grove REIT plc

 

(the "Company" or "Yew Grove")

 

Acquisition Update

 

Acquisition of Office Block A IDA Waterford Business and Technology Park, Butlerstown Waterford

 

Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to announce that it has exchanged contracts on Office Block A, located in the IDA Waterford Business and Technology Park, Butlerstown, Waterford. The 4 million transaction represents a net initial yield of 8.56 per cent, after accounting for all purchase costs.

 

The Waterford building comprises 36,845 sq. ft. of open plan office space arranged over three storeys and completed to a very high standard, is tenanted by Tech Mahindra Business Services Ltd under a 20 year lease with a break in five years, and SE2 Information Services Ireland Ltd under a five year lease.

 

 

Commenting on the transactions, Yew Grove CEO Jonathan Laredo said:

 

"We are delighted to announce our first acquisition in Waterford. The building has been finished to a high standard, has strong tenants with growing businesses, and provides the Company a secure income stream which further enhances the Yew Grove portfolio."

 

Enquiries:

Yew Grove REIT plc

Tel: +353 1 4853950

 

Jonathan Laredo, Chief Executive Officer

Michael Gibbons, Chief Investment Officer

Charles Peach, Chief Financial Officer

 


 

Investec Bank plc


 

Joint Broker & ESM Advisor

Tommy Conway, Eoin Kennedy

 

Joint Broker & NOMAD

David Anderson, Darren Vickers

Tel: +353 1 421 0000

 

 

Tel: +44 207 5975970

 

 

 

Goodbody Stockbrokers UC


 

Joint Broker

David Kearney, Joe Gill

Tel: +353 1 667 0400

 

 

 

Hume Brophy

Tel: + 353 1 662 4712


Media Enquiries

Edel Bach

[email protected]





                                                                                                                                                                                       

 

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").

 

ENDS

 


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