Yew Grove REIT PLC Revolving loan facility (2007L)

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RNS Number : 2007L

Yew Grove REIT PLC

21 December 2018

21st December 2018

Yew Grove REIT plc

(the "Company" or "Yew Grove")

Revolving loan facility

Yew Grove, which invests in a diversified portfolio of well tenanted Irish commercial property, is pleased to announce that it has agreed a 3 year floating rate loan facility (the "Facility") with Allied Irish Banks, p.l.c. ("AIB").

The Facility is for up to EUR19.9 million and is within the loan to value target of 25 per cent. set by the Board of Yew Grove and outlined in the Company's admission document. The Facility is secured on certain of Yew Grove's properties and is available to the Company until December 2021.

As noted in the Company's investment policy, the Facility will be used to part finance the Company's acquisition of properties and to enhance investment returns, including dividends to shareholders.

Jonathan Laredo, CEO of Yew Grove, commented:

"Having successfully deployed EUR59m since IPO earlier this year, this new facility means that Yew Grove has available resources of EUR33m to support the continued acquisition of well tenanted, well covenanted and high yielding commercial real estate."

Enquiries:

 
Yew Grove REIT plc                  Tel: [phone] 
Jonathan Laredo, Chief Executive 
 Officer 
 Michael Gibbons, Chief Investment 
 Officer 
 Charles Peach, Chief Financial 
 Officer 
Investec Bank plc 
Joint Broker & ESM Advisor          Tel: [phone] 
 Tommy Conway, Eoin Kennedy          0000 
 
 Joint Broker & NOMAD 
 David Anderson, Darren Vickers      Tel: [phone] 
 
  Goodbody Stockbrokers UC 
Joint Broker                        Tel: [phone] 
 David Kearney, Joe Gill             0400 
                                    Tel: + 353 1 662 
  Hume Brophy                        4712 
Media Enquiries                     [e-mail] 
 Edel Bach, Karin O'Conor 
 
 

Notes to editors:

Yew Grove REIT raised gross proceeds of approximately EUR75 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").

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December 21, 2018 02:00 ET (07:00 GMT)