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Rental income jumps 40pc at Yew Grove on the back of acquisitions

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Jonathan Laredo, Yew Grove CEO

Jonathan Laredo, Yew Grove CEO

Jonathan Laredo, Yew Grove CEO

Commercial property firm Yew Grove Reit reported a 41pc increase in contracted rent last year to €8.9m.

During 2019 the company bought six buildings, in Waterford, Cork and Athlone, spending a total of €39.5m.

To fund this expansion Yew Grove raised €36m from new and existing shareholders during the year.

It sold one property in Heather Road in Dublin, according it its annual results.

The company, which is mainly focused on office space that is located outside of Dublin city centre, now has a portfolio valuation of €116m, an increase of 49pc on 2018.

It currently has an acquisition pipeline of around €120m.

Jonathan Laredo, CEO of Yew Grove, said the company is “considering its funding options for financing its pipeline of acquisition opportunities, which could include using its existing share issuance programme later this year, together with debt finance where appropriate.”

The company remains confident in the fundamentals of its business “and its continued success in 2020,” he added.

“The Irish economy again performed strongly in 2019 and the outlook for 2020 looks positive. Despite this we acknowledge the seriousness of the Covid-19 outbreaks and will continue to monitor the situation closely," he said.

Elsewhere, the company’s portfolio occupancy fell 5pc year-on-year to 92pc in 2019.

Meanwhile, its net asset value per share fell 1.7pc to 98.52.

Colm Lauder, analyst at Goodbody, said: “FY19 has been an important year of growth for Yew Grove.

Further scale will boost operational efficiencies, which in turn will support its income distribution objectives,” he added.

Online Editors