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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Yew Grove Reit Plc | LSE:YEW | London | Ordinary Share | IE00BDT5KP12 | ORD SHS EUR0.01 (CDI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMYEW
RNS Number : 5133T
Yew Grove REIT PLC
25 March 2021
25 March 2021
Yew Grove REIT plc
(the "Company" or "Yew Grove ")
Update to Portfolio Valuation
Yew Grove REIT plc (LSE:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to announce an increase in the Company's portfolio valuation as of 1 March 2021.
The Company is preparing a prospectus in connection with the Company's intended listing on the Main Securities Market of Euronext Dublin. As part of that process the Company's external valuers, Lisney Limited, were required to prepare a valuation of the Company's properties as at 1 March 2021. This valuation reflects asset management initiatives since the year end, including the new leases in Cork Airport and East Wall Road, other rent reviews and the passage of time since 31 December, 2020. The valuation as at 1 March 2021 is EUR143,185,000, an increase of EUR1,260,000 on the year end valuation.
The details of the 1 March 2021 valuation are set out in the table below:
Property Type Location Value Contracted Gross Reversionary Gross WAULT WAULT Portfolio (EUR'000) Rent Yield Rent Roll Reversionary to to Vacancy Roll at (EUR'000) Yield lease lease (EUR'000) Fair break end Value (years) (years) 1 One Gateway Office Dublin 19,180 1,306 6.8% 1,495 7.8% 1.5 2.5 0.4% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- North 2 Letterkenny Office West 15,640 1,437 9.2% 1,458 9.3% 7.1 7.1 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Three 3 Gateway Office Dublin 15,350 913 6.0% 1,178 7.7% 5.8 5.8 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- IDA Athlone Unit 4 B & B2 Industrial Midlands 11,625 1,013 8.7% 1,013 8.7% 2.3 12.7 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- 5 Teleflex Office Midlands 11,550 948 8.2% 851 7.4% 7.6 10.6 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Ashtown Gate Blocks 6 B&C Office Dublin 10,010 800 8.0% 770 7.7% 4.9 6.5 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Birch House Dublin 7 MP Office Catchment 8,300 697 8.4% 697 8.4% 9.3 14.4 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Unit 2600, Cork 8 Airport Office Cork 7,250 350 4.8% 689 9.5% 4.8 14.8 49.2% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Chestnut House Dublin 9 MP Office Catchment 6,200 507 8.2% 574 9.3% 2.7 2.7 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Airways Units 10 7&8 Industrial Dublin 5,860 320 5.5% 550 9.4% 4.6 9.6 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- IDA Waterford Block South 11 A Office East 4,150 353 8.5% 424 10.2% 2.5 13.9 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- IDA Athlone Block 12 A Industrial Midlands 3,640 270 7.4% 313 8.6% 4.7 7.8 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Hazel House Dublin 13 MP Office Catchment 3,460 341 9.8% 341 9.8% 2.6 4.2 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Willow House Dublin 14 MP Office Catchment 3,300 222 6.7% 315 9.5% 3.9 5.0 16.6% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Ash House Dublin 15 MP Office Catchment 3,310 326 9.8% 331 10.0% 5.3 5.3 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- IDA Athlone Block 16 C Industrial Midlands 3,215 280 8.7% 253 7.9% 3.6 8.6 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Blackwater 17 House Office Cork 2,860 236 8.3% 343 12.0% 4.0 4.0 29.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Beech House Dublin 18 MP Office Catchment 2,170 229 10.6% 225 10.4% 1.5 6.6 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Unit Dublin 19 L2 Toughers Industrial Catchment 1,930 170 8.8% 211 10.9% 2.0 2.0 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Old Mill Mixed South 20 Lane Use West 1,690 247 14.6% 162 9.6% 5.5 7.9 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Bridge 21 Centre Retail Midlands 1,575 209 13.3% 161 10.2% 7.6 8.2 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Canal Mixed 22 House Use Midlands 920 107 11.6% 55 6.0% 5.9 5.9 0.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ---------- Total 143,185 11,281 7.9% 12,408 8.7% 4.8 7.7 4.0% ------------ ----------- ---------- ---------- ----------- ------ ------------- ------------- -------- -------- ----------
Jonathan Laredo, Chief Executive of Yew Grove, commented:
"I am pleased that our active management of the portfolio continues to improve the Company's rent and WAULT, and is being reflected in the underlying valuation."
For further information contact:
Yew Grove REIT plc +353 1 485 3950 Jonathan Laredo, Chief Executive Officer ---------------------------------- Charles Peach, Chief Financial Officer ---------------------------------- Michael Gibbons, Chief Investment Officer ---------------------------------- Goodbody Stockbrokers UC +353 1 667 0400 ---------------------------------- Joint Broker & Euronext Growth Advisor ---------------------------------- David Kearney, John Flynn, Edel O'Reilly ---------------------------------- Liberum Capital Limited ---------------------------------- Joint Broker & Nomad +44 20 3100 2000 ---------------------------------- Richard Crawley, Jamie Richards
---------------------------------- IFC Advisory Limited +44 203 934 6630 ---------------------------------- Financial PR yewgrovereit@investor-focus.co.uk ---------------------------------- Tim Metcalfe, Graham Herring ----------------------------------
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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(END) Dow Jones Newswires
March 25, 2021 07:34 ET (11:34 GMT)
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