The overwhelming majority of shareholders in Yew Grove REIT have approved plans to lift the Irish investment company’s targeted loan-to-value level.
The REIT held an extraordinary general meeting today over changing its investment policy to target an LTV ratio of 40%, up from 25%, and to test the ratio twice a year, at the end of June and December.
The company received 99.2% of votes in favour of the change.
As of the publication of Yew Grove’s interim results, for the six months to the end of June, the company’s LTV stood at 28.6%, up from 20.1% a year earlier.
The company has a €49m (£44.5m) revolving credit facility with Allied Irish Bank, which it has drawn down in 218, 2019 and 2020.
Yew Grove’s portfolio, comprising office and industrial assets, was valued at €141.1m at the end of June, up from €90.5m a year before.
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