Irish commercial property investor Yew Grove REIT has posted a near-50% rise in its portfolio valuation after a busy year of dealmaking helped more than double profit in its latest set of accounts.
Chief executive Jonathan Laredo said the company had focused during the past year on “judicious” capital raising and spend, “using our early mover advantage to selectively acquire a mix of individual assets and portfolios”.
He added that the REIT is “considering its funding options for financing its pipeline of acquisition opportunities”, having now invested all of the equity raised during its IPO in 2018. Options now include raising fresh equity under its existing share issuance programme later this year.
The company’s net rental income soared by 267% in 2019 compared with a year earlier, to €9.42m, while profit after tax was up by 117% at €5.06m. The company’s portfolio was valued at €115.79m, up by 49% on the end of 2018.
Laredo said: “The current negotiations about Irish government formation have created some political uncertainty which is expected to be resolved in the second quarter of the year. 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.”
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