12th Sep 2018 11:39
LONDON (Alliance News) - Yew Grove REIT PLC on Wednesday reported a loss for the period since its April incorporation due to expenses associated with its listing.
For the period between April 5 and June 30, the real estate investment trust recorded a EUR385,775 loss and a drop in net asset value. NAV as at June 30 was 96.55 EUR cents per share, a decrease of 3.5% since launch. Both were in line with expectations, Yew Grove said.
The decline "was primarily due to the group incurring certain costs of the initial public offering, costs associated with the acquisition of the fund, and day to day expenses being only partly offset by rental income generated in the period," the company noted.
Yew Grove was admitted to trading in both London and Dublin on June 8, raising EUR75 million from its float. Of this, EUR23 million was used to acquire the Yew Tree Investment Fund PLC and its portfolio.
As at June 30, Yew Grove's uncommitted cash stood at EUR18.1 million.
Yew Grove said it expects to pay a dividend of between 1.0 and 2.0 cents for the period between its incorporation and December 31.
"In the short period to June 30 we committed in excess of 78% of the initial public offering net proceeds by acquiring the Yew Tree Investment Fund's attractive portfolio," said Yew Grove Chief Executive Jonathan Laredo.
"We have a strong pipeline of investments before us and a number of asset management projects on our current properties under way to deliver on our investment objectives," he added.
Shares in Yew Grove were untraded at 1.02 cents on Wednesday.
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