15th Feb 2019 10:33
LONDON (Alliance News) - Yew Grove REIT PLC on Friday said it has acquired an office block near Cork Airport in Ireland for EUR7.5 million and has now deployed almost all the capital raised since its initial public offering.
The real estate investment trust listed in June 2018 and now holds a portfolio with a value of nearly EUR90 million, equating to a near-full deployment of its capital raised since that listing when including its recently announced Waterford acquisition.
Yew Grove has exchanged contracts for the 40,953 square feet two storey office block, which was refurbished in 2015. The block is located in Cork Airport Business Park and is its first investment in the city of Cork. Including purchase costs, the acquisition represents a net initial yield of 7.9%.
Yew Grove's portfolio now consists of 18 properties and totals more than 550,000 square feet.
"We have successfully invested the capital available to us well within the 12 month time horizon set out at our IPO, acquiring a portfolio with strong tenant covenants and very strong occupancy. We believe we are well positioned to grow this portfolio, both through further acquisitions and through asset management opportunities within the existing properties, with the aim of generating attractive returns for our shareholders," said Yew Grove Chief Executive Jonathan Laredo.
Shares in Yew Grove were untraded at EUR1.00 on Friday.
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YEW.L