Yew Grove REIT increase in the Company’s portfolio valuation

Yew Grove REIT plc (LON:YEW), which owns a diversified portfolio of Irish commercial property assets, has announced 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 €143,185,000, an increase of €1,260,000 on the year end valuation.

The details of the 1 March 2021 valuation are set out in the table below:

 PropertyTypeLocationValue (€’000)Contracted Rent Roll (€’000)Gross Yield at Fair ValueReversionary Rent Roll (€’000)Gross Reversionary YieldWAULT to lease break (years)WAULT to lease end (years)Portfolio Vacancy
1One GatewayOfficeDublin19,1801,3066.8%1,4957.8%1.52.50.4%
2LetterkennyOfficeNorth West15,6401,4379.2%1,4589.3%7.17.10.0%
3Three GatewayOfficeDublin15,3509136.0%1,1787.7%5.85.80.0%
4IDA Athlone Unit B & B2IndustrialMidlands11,6251,0138.7%1,0138.7%2.312.70.0%
5TeleflexOfficeMidlands11,5509488.2%8517.4%7.610.60.0%
6Ashtown Gate Blocks B&COfficeDublin10,0108008.0%7707.7%4.96.50.0%
7Birch House MPOfficeDublin Catchment8,3006978.4%6978.4%9.314.40.0%
8Unit 2600, Cork AirportOfficeCork7,2503504.8%6899.5%4.814.849.2%
9Chestnut House MPOfficeDublin Catchment6,2005078.2%5749.3%2.72.70.0%
10Airways Units 7&8IndustrialDublin5,8603205.5%5509.4%4.69.60.0%
11IDA Waterford Block AOfficeSouth East4,1503538.5%42410.2%2.513.90.0%
12IDA Athlone Block AIndustrialMidlands3,6402707.4%3138.6%4.77.80.0%
13Hazel House MPOfficeDublin Catchment3,4603419.8%3419.8%2.64.20.0%
14Willow House MPOfficeDublin Catchment3,3002226.7%3159.5%3.95.016.6%
15Ash House MPOfficeDublin Catchment3,3103269.8%33110.0%5.35.30.0%
16IDA Athlone Block CIndustrialMidlands3,2152808.7%2537.9%3.68.60.0%
17Blackwater HouseOfficeCork2,8602368.3%34312.0%4.04.029.0%
18Beech House MPOfficeDublin Catchment2,17022910.6%22510.4%1.56.60.0%
19Unit L2 ToughersIndustrialDublin Catchment1,9301708.8%21110.9%2.02.00.0%
20Old Mill LaneMixed UseSouth West1,69024714.6%1629.6%5.57.90.0%
21Bridge CentreRetailMidlands1,57520913.3%16110.2%7.68.20.0%
22Canal HouseMixed UseMidlands92010711.6%556.0%5.95.90.0%
  Total 143,18511,2817.9%12,4088.7%4.87.74.0%

Jonathan Laredo, Chief Executive of Yew Grove REIT, 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.”

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