Yew Grove raises €75m ahead of IPO

YEW GROVE, a newly-incorporated Irish Real Estate Investment Trust, has raised €75m on its initial public offering (IPO).

The company said that an application has been made for the admission to trading of the company’s ordinary shares of €0.01 each in the capital of the company to both the AIM market of London Stock Exchange and the Enterprise Securities Market of the Irish Stock Exchange. Admission is expected to occur on Friday.

The company has agreed to acquire a seed portfolio with effect from the admission through the acquisition of the issued share capital of Yew Tree Investment Fund. The seed portfolio comprises 10 properties, valued at approximately €25.9m.

Yew Grove said that its investment objective is to provide shareholders with good quality income from a portfolio of property comprising of well-tenanted commercial real estate in “strategic centres” around Ireland. This will primarily include office and industrial assets let to Government entities, State bodies, IDA Ireland-supported and other foreign direct investment companies, as well as larger corporates located in Dublin, in IDA Ireland business parks, and in major regional hubs, especially those identified under Project Ireland 2040.

Commenting on the announcement, Yew Grove chairman Barry O’Dowd, who is due to retire from a senior role at IDA Ireland later this month, said that the successful IPO is a “testament to the strength of the management team and investor confidence in our investment proposition”.

“The company’s leadership has a proven track record of building property portfolios, delivering investor returns and has identified a pipeline of future potential opportunities,” he said.