Shares in Yew Grove Reit, the latest real-estate investment trust to go public, began trading this morning on the Enterprise Securities Market of the Irish Stock Exchange and the AIM market of London Stock Exchange.
The company, which raised €75 million on its initial public offering (IPO), is first to list in Dublin since Euronext bought the Irish Stock Exchange.
In London, the stock was trading up 5 per cent at £1.05.
The directors have set a target of a dividend of 7c per share for the company’s first full financial year, in 2019. That equates to a dividend yield of 7 per cent, based off the company’s IPO price of € 1 per share.
In a statement, the company welcomed the commencement of trading in its stock.
Yew Grove will have an initial portfolio of 10 such properties – mainly office and industrial assets let to State entities, IDA-supported companies and large corporates – that had been assembled by the management team and valued at €25.9 million.
REF: Irish Times