Property firm Yew Grove issues first set of results following IPO

The Republic’s newest property reit, Yew Grove, issued its first set of results this morning, showing the company’s seed portfolio of 10 properties were now valued at close to €26 million, reflecting an aggregated net yield of 10 per cent.

The results, which cover period from April 5th to June 30th and include the company’s intial public offering (IPO) on June 8th, also noted that the company exchanged contracts to acquire the One and Three Gateway office buildings on the East Wall Road, Dublin 3 for €29 million during the period.

Ireland’s positive commercial real estate market was supporting the strength of the company’s “potential acquisition pipeline”, it said.

The group, which raised €75 million through its June flotation, reported an annualised passing rent roll of €4.6million while uncommitted cash amounted to €18.1 million as of the end of June.

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Yew Grove said it anticipated a covered dividend for the 29-week period from admission to December 31st, 2018 of between 1 cent and 2 cents, with the higher payment being contingent on deployment of the remaining net proceeds of the IPO by year end.

"In the short period to June 30th 2018 we committed in excess of 78 per cent of the IPO net proceeds by acquiring the Yew Tree Investment Fund's attractive portfolio and exchanging on the Gateway buildings,"chief executive Jonathan Laredo said.

“ 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 said.

Mr Laredo also noted that Yew Grove was the only Irish reit investing predominantly in the office and industrial sectors of the real estate market outside of the Dublin central business district.

“This area of the market continues to combine increasing attractive purchase yields and rising rent levels,” he said.