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Eversheds Sutherland advises Investec Bank Plc on €75 million IPO of Yew Grove REIT

  • Ireland
  • General


Eversheds Sutherland Ireland has advised Investec Bank Plc, as ESM Advisor, Bookrunner and Financial Advisor, on the IPO of Yew Grove REIT plc (“Yew Grove”) on the Enterprise Securities Market of Euronext Dublin (“ESM”) and the AIM market of the London Stock Exchange (“AIM”) and its associated €75 million fundraising. Yew Grove’s shares were admitted to trading on AIM and the ESM on Friday 8 June 2018. This is the first IPO on the ESM since the Irish Stock Exchange became Euronext Dublin and the first property investment company to IPO on the London Stock Exchange in 2018 to date.

Yew Grove is a newly incorporated Irish Real Estate Investment Trust with an executive team with over 15 years’ experience in the Irish commercial property market as well as extensive international experience in financial markets. Yew Grove intends to build a portfolio of commercial real estate assets in Ireland, with a focus on office and industrial assets let to Irish government entities, State Bodies, IDA Ireland supported and other FDI companies and larger corporates.

As part of the IPO, Yew Grove acquired a seed portfolio through the acquisition of the issued share capital of Yew Tree Investment Fund plc. The seed portfolio comprises ten properties valued, in aggregate, at €25.9 million.

The Eversheds Sutherland team was led by Corporate Partner, Lee Murphy supported by  Mary Kiely, Ryan Duggan and Tim Ryan. Real Estate Partner, Cian MacGinley together with Yvonne Tyndall provided the real estate support.

Jonathan Laredo, Chief Executive of Yew Grove, said:
“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…. We are a well-capitalised business, governed by a strong independent Board, with an experienced management team committed to delivering attractive returns for our shareholders.”

Lee Murphy, Eversheds Sutherland, comments:
“We are delighted to have been able to advise Investec on this successful dual Dublin/London listing and IPO, which is testament to the strength of the Yew Grove offering and also the Investec team. This was also the first IPO on the Irish Stock Exchange since it became Euronext Dublin and the first property investment company to IPO on the London Stock Exchange in 2018 to date. We look forward to working with Investec on future mandates.”

Tommy Conway, Director, Investec Corporate Finance, said:
"This is a REIT which is likely to have a significant impact on the Irish market. The company’s investment strategy moves away from the Dublin CBD, in line with, and supportive of, the Irish Government’s Project Ireland 2040 policy, a theme that resonated well with investors.”


This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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