On 9 September, we were excited to welcome back management from Yew Grove on Hardman Talks. Jonathan Laredo and Charles Peach joined Hardman & Co’s property analyst Mike Foster in a live event following strong full year results.
Yew Grove reviewed its latest interim results, which showed a raised dividend and a 2.4% like-for-like upward revaluation of its investment properties (a rise over a six-month period). It also raised further growth equity and secured acquisitions from within its extensive pipeline of potential opportunities. A number of interesting points were made in the presentation and it is worth highlighting that all metrics have been pointing in the right direction.
The mix of assets – all in the Republic of Ireland – comprises offices and industrial. However, the latter has two distinct categories, namely life science tenanted assets and ‘traditional light industrial’. These two seem to be valued at broadly similar levels, which we find interesting and may bring useful medium-term value uplifts as Yew Grove has high exposure to life science tenants. The extensive details Yew Grove provided on the dynamics behind its strong results provided a robust foundation to the positioning for its portfolio growth. Yew Grove has shareholder approval for a €100m equity raising this year.
You can download the slides used here and read our latest research on the company here.
