Yew Grove REIT : IDA Ireland Building Acquisition

IDA Ireland Building Acquisition

Released : 01/11/2019

RNS Number : 8819R

Yew Grove REIT PLC

01 November 2019

1 November 2019

Yew Grove REIT plc

(the "Company" or "Yew Grove")

Acquisition of an office building on the IDA Business and Technology Park, Athlone

Yew Grove REIT plc (LSE:YEW, Euronext Growth:YEW), which owns a diversified portfolio of Irish commercial property assets, is pleased to announce that it has reached agreement to purchase an office building at the IDA Ireland Business and Technology Park, Garrycastle, Athlone. The purchase price for the building will be €12 million, which represents a net initial yield of 7.2 per cent. after accounting for purchase costs and has reversionary potential linked to CPI. The purchase is expected to complete by 3 January 2020.

The building, constructed in 2016, has 45,370 sq. ft. of modern office space with associated car parking and is leased to an FDI tenant. The lease has a weighted average unexpired lease term (WAULT) to break of 8.9 years and to lease expiry of 11.9 years. The total current rent roll for the building is €0.95 million per annum.

The acquisition of this building brings Yew Grove's total footprint in this IDA Ireland park to c.205,000 sq. ft. in five buildings with an aggregate annual rent of c.€2.4 million from four different tenants.

Commenting on the acquisition, Yew Grove CEO Jonathan Laredo said:

"We are pleased to have expanded our footprint in Athlone, a major med-tech hub in Ireland. This is a desirable asset with an excellent tenant in one of the country's premier business and technology parks and will allow the Company to expand in line with our clients.

"There remains significant opportunity to grow this portfolio, both through further acquisitions and through asset management opportunities within the existing properties, and these activities will generate superior returns for our shareholders. We continue to effectively deploy our capital in a portfolio at attractive yields with robust tenant covenants and very strong occupancy."

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
NOMAD & Joint Broker:	Tel: [phone]
David Anderson, Cassie Herlihy
Investec Europe Limited trading as Investec	Tel: [phone]
Europe
Euronext Growth Advisor & Joint Broker:
Tommy Conway, Eoin Kennedy
Goodbody Stockbrokers
Joint Broker:	Tel [phone]
David Kearney, Joe Gill
IFC Advisory	Tel [phone]
Financial PR:
Tim Metcalfe, Graham Herring

Notes to editors:

Yew Grove REIT plc, quoted on the London Stock Exchange's AIM and Euronext Growth 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 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.

ENDS

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 [e-mail] visit www.rns.com.

END

ACQUARBRKWAROAA