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Yew Grove REIT grosses €75M in IPO

Ireland's Yew Grove REIT PLC raised gross proceeds of roughly €75.0 million in its IPO of 72,500,000 new ordinary shares at €1.00 apiece.

The newly incorporated real estate investment trust said the shares of 1 cent each in the capital of the company are expected to be admitted to trading on the London Stock Exchange's Alternative Investment Market and Euronext Dublin's Enterprise Securities Market on June 8. The shares will trade under the YEW ticker.

Effective from the admission, the REIT agreed to buy a 10-property seed portfolio, worth roughly €25.9 million, through the acquisition of the issued share capital of Yew Tree Investment Fund PLC. Yew Grove will focus on well-tenanted commercial real estate across Ireland.

Yew Grove's executive management team is in talks for the acquisition of five properties with a combined value of roughly €44.3 million, according to a release.

The directors are targeting a dividend of 7 cents per ordinary share for the company's first full financial year, commencing Jan. 1, 2019.

Investec Bank PLC is Yew Grove's nominated adviser, book runner and financial adviser for the placing and admission. Fidante Partners Europe Ltd. is the lead manager.