Yew Grove REIT plans to raise €10m (£8.7m) through a new share issue to generate funds for its next acquisitions.
The deal, in which directors including the REIT’s chief executive and chief financial officer will buy shares, is the first under a share issuance programme approved last May.
The Irish property investor has a near-term pipeline of seven office and industrial acquisitions valued at €72m, with net investment yields ranging from 6.83% and 8.25%. Six of the seven deals have already been approved by the investment committee.
Yew Grove has made acquisitions of €25.3m and disposals of €2.4m during the 14 months to March this year.
Chief executive Jonathan Laredo said: “Following the slow down in commercial property activity triggered by the Covid-19 pandemic we are pleased to raise capital to take advantage of some of the more immediate investment opportunities we see in our target market.”
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