Trading Update

16 December 2020

Yew Grove REIT plc

(the "Company" or "Yew Grove")

Trading Update

New leases secured and the sale of non core assets 

Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to announce a trading update covering recent asset management and non core property sale developments.

The Company is pleased to announce it has agreed the letting of 20,268 sq. ft. (the first floor) of Unit 2600, Cork Airport Business Park to Alter Domus Fund Services Ireland Ltd along with 79 carparking spaces. The lease term is 15 years with break options at 5 and 10 years at a headline rate of €16.50 per sq. ft. plus a licence for 79 additional car spaces at a rent of €200 per car space per annum. The lease facilitates Alter Domus' ongoing expansion of its Cork operations. Alter Domus is a leading provider of integrated solutions for the alternative investment industry.

The Company has also signed two further new leases, both in the Bridge Centre in Tullamore. The first, to An Post, is for the Company's current units 23 and 23a. The units comprise a prime, 2,260 sq. ft. unit at the front of the centre with offices above. The lease is for 10 years at an annual rent of €28.53 per sq. ft. The second is for 1,193 sq. ft. in Unit 11 to Byron Distribution Ltd, again for a 10 year lease but at a rent of €27.07 per sq. ft. All of the Yew Grove units at the Bridge Centre are now fully let with no outstanding arrears. The Yew Grove units in the Bridge Centre now have an average rent of €25.65 per sq.ft., a WAULT to break of 6 years and a WAULT to expiry of 8 years.

Yew Grove has also progressed its plans to sell non-core properties. The vacant industrial unit at Holly Avenue, Stillorgan, was sold for total proceeds of €1.463 million in November 2020 (11% ahead of the 30 June 2020 independent valuation). The Company also sold Units F4 and F5 at Centrepoint Business Park, Clondalkin, County Dublin, for €950,000 which completed in early December, also 11% ahead of the 30 June 2020 independent valuation.

The effect of these transactions is to increase the Company's annual rent roll to €11.3 million and to reduce the vacancy by ERV from 7.2% to 3.9% of the Company's portfolio. Additionally, a number of rent reviews are currently in negotiation and the Company will provide an update when matters are concluded early in the New Year.

Jonathan Laredo, Chief Executive of Yew Grove, commented:

"Despite all of the economic disruption and personal pain wrought by the Covid-19 pandemic, Ireland has shown its resilience, both economically, led by an outstanding performance from its export led businesses and through effective control of the spread of infection. With the reopening of the economy and the prospect of vaccination programmes being rolled out from early next year, I look forward to the return of normality and a prosperous, less socially distanced 2021."

For further information contact:

Forward-looking Statements

Certain information contained in this announcement may constitute forward looking information. This information relates to future events or occurrences or the Company's future performance. All information other than information of historical fact is forward looking information. The use of any of the words "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", "predict" and "potential" and similar expressions are intended to identify forward looking information. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that this information will prove to be correct and such forward looking information included in this announcement should not be relied upon. Forward-looking information speaks only as of the date of this announcement. The forward-looking information included in this announcement is expressly qualified by this cautionary statement and is made as of the date of this announcement. The Company and its group does not undertake any obligation to publicly update or revise any forward-looking information except as required by applicable securities laws.

Notes to editors

Yew Grove REIT plc, quoted on the London Stock Exchange's AIM market and on the Euronext Growth Market in 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 and asset management 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.