Yew Grove REIT plc (LON:YEW), which owns a diversified portfolio of Irish commercial property assets, has announced an update covering recent asset management activities.
Yew Grove has agreed a lease surrender for its industrial unit L2, Naas Enterprise Park, County Kildare and a new lease with DHL Express (Ireland) Ltd. The lease is for the entire 33,723 sq. ft building, for a 10-year term, at a rent 56% above the previous lease.
Additionally, the Company has signed two new leases and agreed a third lease. In Blackwater House, Mallow, County Cork, one new lease has been signed with St Joseph’s Foundation for 7,220 sq. ft on a 10-year term; and one has been agreed with Hallmark Buildings Services Ltd for 2,989 sq. ft on a 10-year lease (break clause at 5 years). The Company has also signed a new lease with Axis Construction Ltd. in Willow House, Millennium Park for 2,628 sq. ft on a 4 year term with a two year break option.
In addition, the Company has agreed rent reviews at Beech House, Millennium Park and Teleflex in Athlone.
In total these asset management activities have added €255,000 to the Company’s annual rent roll, reduced portfolio vacancy from 4.9% to 4.0% and the portfolio weighted average unexpired lease term (“WAULT”) to expiry and break are at 7.7 and 4.4 years respectively*.
*all comparisons with the portfolio at 30 June 2021 exclude properties for which a sale was agreed at that date
Jonathan Laredo, Chief Executive of Yew Grove, commented:
“We are happy that through active engagement with the companies that occupy our buildings we continue to reduce our residual vacancy and to capture reversionary rent. The Company has invested, and will continue to invest, in our properties ensuring those buildings are attractive to both current and prospective tenants.”
