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:
| Property | Type | Location | Value (€’000) | Contracted Rent Roll (€’000) | Gross Yield at Fair Value | Reversionary Rent Roll (€’000) | Gross Reversionary Yield | WAULT to lease break (years) | WAULT to lease end (years) | Portfolio Vacancy | |
| 1 | One Gateway | Office | Dublin | 19,180 | 1,306 | 6.8% | 1,495 | 7.8% | 1.5 | 2.5 | 0.4% |
| 2 | Letterkenny | Office | North West | 15,640 | 1,437 | 9.2% | 1,458 | 9.3% | 7.1 | 7.1 | 0.0% |
| 3 | Three Gateway | Office | Dublin | 15,350 | 913 | 6.0% | 1,178 | 7.7% | 5.8 | 5.8 | 0.0% |
| 4 | IDA Athlone Unit B & B2 | Industrial | Midlands | 11,625 | 1,013 | 8.7% | 1,013 | 8.7% | 2.3 | 12.7 | 0.0% |
| 5 | Teleflex | Office | Midlands | 11,550 | 948 | 8.2% | 851 | 7.4% | 7.6 | 10.6 | 0.0% |
| 6 | Ashtown Gate Blocks B&C | Office | Dublin | 10,010 | 800 | 8.0% | 770 | 7.7% | 4.9 | 6.5 | 0.0% |
| 7 | Birch House MP | Office | Dublin Catchment | 8,300 | 697 | 8.4% | 697 | 8.4% | 9.3 | 14.4 | 0.0% |
| 8 | Unit 2600, Cork Airport | Office | Cork | 7,250 | 350 | 4.8% | 689 | 9.5% | 4.8 | 14.8 | 49.2% |
| 9 | Chestnut House MP | Office | Dublin Catchment | 6,200 | 507 | 8.2% | 574 | 9.3% | 2.7 | 2.7 | 0.0% |
| 10 | Airways Units 7&8 | Industrial | Dublin | 5,860 | 320 | 5.5% | 550 | 9.4% | 4.6 | 9.6 | 0.0% |
| 11 | IDA Waterford Block A | Office | South East | 4,150 | 353 | 8.5% | 424 | 10.2% | 2.5 | 13.9 | 0.0% |
| 12 | IDA Athlone Block A | Industrial | Midlands | 3,640 | 270 | 7.4% | 313 | 8.6% | 4.7 | 7.8 | 0.0% |
| 13 | Hazel House MP | Office | Dublin Catchment | 3,460 | 341 | 9.8% | 341 | 9.8% | 2.6 | 4.2 | 0.0% |
| 14 | Willow House MP | Office | Dublin Catchment | 3,300 | 222 | 6.7% | 315 | 9.5% | 3.9 | 5.0 | 16.6% |
| 15 | Ash House MP | Office | Dublin Catchment | 3,310 | 326 | 9.8% | 331 | 10.0% | 5.3 | 5.3 | 0.0% |
| 16 | IDA Athlone Block C | Industrial | Midlands | 3,215 | 280 | 8.7% | 253 | 7.9% | 3.6 | 8.6 | 0.0% |
| 17 | Blackwater House | Office | Cork | 2,860 | 236 | 8.3% | 343 | 12.0% | 4.0 | 4.0 | 29.0% |
| 18 | Beech House MP | Office | Dublin Catchment | 2,170 | 229 | 10.6% | 225 | 10.4% | 1.5 | 6.6 | 0.0% |
| 19 | Unit L2 Toughers | Industrial | Dublin Catchment | 1,930 | 170 | 8.8% | 211 | 10.9% | 2.0 | 2.0 | 0.0% |
| 20 | Old Mill Lane | Mixed Use | South West | 1,690 | 247 | 14.6% | 162 | 9.6% | 5.5 | 7.9 | 0.0% |
| 21 | Bridge Centre | Retail | Midlands | 1,575 | 209 | 13.3% | 161 | 10.2% | 7.6 | 8.2 | 0.0% |
| 22 | Canal House | Mixed Use | Midlands | 920 | 107 | 11.6% | 55 | 6.0% | 5.9 | 5.9 | 0.0% |
| Total | 143,185 | 11,281 | 7.9% | 12,408 | 8.7% | 4.8 | 7.7 | 4.0% |
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.”
