Yew Grove, a newly incorporated Irish real estate investment trust, said on Tuesday that it has raised €75 mln on its initial public offering, or about three quarters of its originally-planned €100 mln IPO volume.
The shares, with a value of €0.01 each, are expected to be admitted to trading on both the AIM market of London and the Dublin stock exchange on 8 June.
Yew Grove has also announced the acquisition of a €26 mln seed portfolio consisting of 10 properties and said that it is in negotations on a further five assets worth a total of €44 mln.
The company, which focuses on income-producing commercial property assets in Ireland's major cities, is targeting to build up a property portfolio worth between €300 mln and €500 mln over the next three years.
Barry O'Dowd, non-executive chairman, commented: 'Yew Grove REIT's successful IPO is testament to the strength of the management team and investor confidence in our investment proposition.'
Jonathan Laredo, Chief Executive, commented: 'The IPO is a compelling opportunity for our customers, investors and the sector. It will position the company to invest in strategic centres throughout Ireland and help Irish state bodies, IDA Ireland and other FDI companies and larger corporate tenants to find the property solution to meet their needs.'
