Yew Grove Reit expects to IPO in early June

New real estate vehicle likely to seek €80m from flotation

Yew Grove Reit has  said  it now plans to float on the junior Dublin and London stock markets in “early June”. Photograph: Dara Mac Dónaill

Yew Grove Reit has said it now plans to float on the junior Dublin and London stock markets in “early June”. Photograph: Dara Mac Dónaill

 

Yew Grove Reit, a new Irish real estate investment trust (reit) , said on Thursday that it now planned to float on the junior Dublin and London stock markets in “early June”, having indicated in early May that it aimed to list by the end of the month.

A spokeswoman for the company declined to comment beyond a stock exchange announcement updating on the planned initial public offering (IPO).

The management team behind Yew Grove Reit had initially set out to raise €100 million in an IPO, though this has reportedly been scaled back to about €80 million.

The founding managers of the funds – Jonathan Laredo, Michael Gibbons and Charles Peach – are all executives of UK-based Peak Capital Partners, which set up a fund, Yew Tree Investments, to buy Irish property in the wake of the property crash.

10 properties

They are rolling an initial portfolio of 10 such properties – mainly office and industrial assets let to State entities, IDA-supported companies and large corporates – valued at €25.9 million into the trust.

Barry O’Dowd, a senior IDA Ireland executive who is set to retire from the agency in June, will chair Yew Grove Reit. It would be the fourth Irish reit to float since 2013.

In early March, another trust, Core Industrial Reit, focused on the logistics and industrial property market, decided to pull its planned €225 million IPO, citing “market conditions”.