FY Results - Virtual Group Meeting
Capital Access is pleased to bring you a FY Results virtual group meeting with the management team of Yew Grove REIT on 7th April.
Jonathan Laredo, CEO, and Charles Peach, CFO, will give an overview of the company, discuss the recent FY results as well as the backdrop of the Irish commercial real estate sector, and their €300m acquisition pipeline. There will also be the opportunity for Q&A.
All of Capital Access' meetings are categorised as a minor non-monetary benefit under MiFID II and are attended free of charge.
Yew Grove is an income-focused REIT that invests in high quality Irish office and industrial real estate assets let to Government agencies and large corporates and multinationals. Shares currently trade on a discount to NAV.
Management has a background in credit and is focused on the quality of the tenants in its buildings; 93% of rents are paid by Government or large multinationals. Over 98% of rent was collected through the pandemic, and 100% has been collected for Q4 2020 and Q1 2021. It also maintained its dividend throughout 2020, paying out 96% of EPRA EPS. It currently yields c.6%.
Ireland is the fastest growing economy in Europe, with a highly educated, relatively young workforce. As a result, demand for office and industrial space remains strong. Coupled to this, there is a structural undersupply of suitable commercial real estate assets which Yew Grove hopes to capitalise on. It has identified an immediate pipeline of €153m of assets, with a further €150m in the medium term.
The next phase of Yew Grove’s growth is its ability to execute on this pipeline, which will require additional capital. Additional capital should enable the Company to benefit from operating leverage, improve shareholder liquidity, and returns.