Investor presentation - Results for the year ended 31 December 2020 - YEW Grove REIT
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Investor presentation Results for the year ended 31 December 2020 1
Disclaimer & Important Notice
This presentation (hereinafter "this document") has been prepared by Yew Grove REIT plc (the "Company“or “Group”) for information purposes only.
This document has been prepared in good faith but the information contained in it has not been independently verified and does not purport to be comprehensive. This document
is neither a prospectus nor an offer nor an invitation to applyfor securities.
Nothing contained in this document shall form the basis of any contract or commitment whatsoever. No representation or warranty, express or implied, is given by or on behalf of
the Company, its group companies, or any of their respective shareholders, directors, officers, employees, advisers, agents or any other persons as to the accuracy, completeness,
fairness or sufficiency of the information, projections, forecasts or opinions contained in this document. In particular, the market data in this document has been sourced from third
parties. Save in the case of fraud, no liability is accepted for any errors, omissions or inaccuracies in any of the information or opinions in this document and neither the Company
and its group companies nor any of their respective employees, officers, directors, advisers, representatives, agents or affiliates, shall have any liability whatsoever (in negligence or
otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection
with this document. Certain information contained in this document has been obtained from published and non- published sources prepared by other parties, which in certain cases
have not been updated to the date hereof. While such information is believed to be reliable for the purpose used in this document, the Company does not assume any
responsibility for the accuracy or completeness of such information and which has not been independently verified by the Company. Except where otherwise indicated herein, the
information provided in this document is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised
to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the datehereof.
Forward-looking statements
This document contains forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors, which may cause the actual results, performance or achievements of the Group or the industry in which it operates, to be materially different from
any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements speak only as at the date of this
document. The Group will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances,
unanticipated events, new information or otherwise except as required by law or by any appropriateregulatory authority.
THIS DOCUMENT DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER FOR SALE OR SUBSCRIPTION OR SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR ANY
SECURITIES NOR SHALL IT OR ANY PART OF IT FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH ANY CONTRACT OR COMMITMENT TO PURCHASE OR SUBSCRIBE
FOR ANY SECURITIES
2
Agenda
Introduction 4
Financial Highlights 9
Portfolio & Asset Management 16
Pipeline & Outlook 23
Jonathan Laredo Charles Peach Michael Gibbons
Chief Executive Chief Financial Chief Investment
Officer Officer Officer
3
SECTION 1
Introduction
44
2020: Validation of the Yew Grove strategy
Yew Grove was well positioned:
• A core portfolio of institutional quality office and industrial buildings (97%)
• A tenancy mix of Government, multi nationals and large corporates (96%)
• Moderate leverage (27%)
Performance has been market leading
• Rent collection has been market leading.
• Yew Grove’s portfolio grew in value. Like for like office valuation increased in value by 1.9% and the industrial
properties by 5.5%. The offices at Millennium Park (bought in late February) increased in value by 5.1%, not
quite enough to cover the costs of acquisition, but enough that the office portfolio increased in value even
after costs.
With a positive outlook:
• Vacancy rates in much of our geographic target market are at or near multi-year lows. Demand remains
resilient with speculative construction only in Cork and Galway.
• Current lease negotiations and our design and build activity suggest continuing demand for quality buildings
and upward movement in rent levels
• As the end to lockdowns nears, we expect a recovery in the overstretched regional and suburban office
markets which should improve rent levels and valuations.
• The Company is now utilising some of its new leverage following the increased target of 40%
• The depth and quality of a potentially accretive pipeline looks highly attractive.
5
Macro economic backdrop
The strength of the Irish economy underpins our strategy
Economic performance in 20201 FDI importance in Ireland2
▪ Ireland’s GDP grew by 3.4% in 2020 ▪ 112k jobs created between 2015 to 2019
▪ Fastest growing in the developed world ▪ Regional FDI investments increased by over 50% in this period
▪ Gross Value Added (GVA) in the multinational sector increased ▪ FDI direct investment increased by EUR72bn in 2019
by 18.2%, even while the domestic economy declined by 5.4% ▪ In 2020 there was a net gain of 9000 jobs:
▪ Ireland’s FDI economy is over 50% of total 2020 GVA, up from ▪ 52% of investments went outside Dublin
25% in 2014 ▪ IDA client companies and their suppliers employ
▪ The largest contributions to GDP growth were from the 12.4% of the total workforce
pharmaceuticals and ICT sectors. ▪ 257k are directly employed in the multinational sector in
Ireland and another 206k indirectly.
Access to FDI tenants Yew Grove rent roll by FDI sector3
▪ FDIs invest across Ireland (more than 50% outsideDublin). ▪ Life Sciences 35%
▪ Multinational businesses tend to cluster by industry around local ▪ Finance & Business Services 19%
supply chains, research and educational establishments. ▪ Grocery 7%
▪ This has led to concentrations of large employers in otherwise ▪ Tech 7%
small towns (e.g. med tech and pharma in the midlands from
▪ Packaging 4%
Athlone to Sligo and Galway, ICT down the west coast from Galway to
Cork.) ▪ Other 3%
▪ The shortage of suitable properties (driven by lack of development in
the past 12 years) and the demand for modern buildings has been Government and government bodies 25%
driving rents upwards from their GFC lows.
1 - Central statistics Office: https://www.cso.ie/en/releasesandpublications/ep/p-na/quarterlynationalaccountsquarter42020/headlineeconomicresults/ 6
2 - IDA Ireland: https://www.idaireland.com/newsroom/regional-investment-grew-as-foreign-direct-investm
3 - As at 01/01/2021
Sustainability
Building a socially and environmentally responsible business
Environment
▪ Strategic drive to reducing the environmental impact of our property portfolio
▪ Our Sustainability Report details our activity in the 2020 annual report
▪ First energy and waste measurements of our multi-tenanted buildings published in
our 2020 annual report despite the challenges caused by Covid-19. Tenancy
questionnaire completed by majority of occupants.
▪ 100% renewable energy sources for multi-tenanted buildings
▪ During 2021, the collection of energy, water and waste measurements will expand
to include single tenanted properties
▪ New building management system (Riptide) to be installed in larger multi-tenanted
buildings which should enable further improvements in portfolio energy efficiency
and provide more accurate real time measurement of energy consumption as well
as improving M&E reliability and extending its useful life
▪ Increasing interaction with tenants and suppliers on sustainability matters. Community
▪ Interaction with 8 universities and Institutes of Technology (IoT) that took part in
the CFA Society of Ireland’s annual CFA Research Challenge .
▪ In 2021 re-engage with selected IoT’s post lockdown to see how we can better
improve the local environments in which we operate.
▪ Charitable donations for two charities focused on homelessness and hardship at
corporate and employee level.
Diversity
▪ Improving diversity throughout the Company is vital, however whilst governance
policies and practices are at the level expected of a public company, our small
workforce and short corporate history means we have not yet reached our
targeted levels.
7
YewGrove
Only REIT specialising in commercial property outside of Dublin CBD
Supportive market backdrop Investment Strategy
✓ Ireland was the fastest growing economy in Europein 2019 and ✓ Good quality income from a portfolio of Irish commercial real estate
20201. in select locations outside Dublin’s CBD
✓ More than 50% of recent FDI job creation has been outside ✓ Focus on office and industrial assets
Dublin2. Project Ireland 2040 supports targeted regional growth.
✓ High quality tenant list: Irish government entities, state
✓ Dublin CBD rents have exceeded pre crisis highs, elsewhere bodies, large enterprises, IDA Ireland supported and other
rents are mostly still below the level required to trigger FDI companies
construction and are still rising, driven by a supply demand
✓ Active asset management to drive value
mismatch
✓ Internally managed REIT with strong
✓ Opportunities to acquire assets at levels below
shareholder alignment: 4%+ of equity held by
replacement cost
management
High quality portfolio and Attractive opportunity & pipeline
rent roll
✓ Covid-19 resilient rent roll ✓ Ex-CBD market is very significant, c. €13bn+
✓ SMEs represent less than 4% and less than 1% is in non-food ✓ Competition for assets is growing but the market is still
retail institutionally under invested and purchase yields are still
✓ 4.1% vacancy3 rate and current lease negotiations give a attractive, absolutely and relatively
near term opportunity to increase the rent roll ✓ Many existing owners want to release capital to redeploy into
✓ Embedded value in the portfolio suggests increasing capital their businesses, to meet fund redemptions or to realise tax
values free gains
✓ Low leverage means that we are well within banking ✓ Yew Grove has a high profile with property owners and agents
covenants. and a excellent record of, and reputation for, transacting
efficiently
1 – Source: Goodbody
8
2 – IDA data, 2013 to 2018. Approx 58% of FDI job creation in 2018 was outside Dublin 3
3 - Vacancy rate by area = 3.9% (at 01/01/2021)
9
SECTION 2
Financial Highlights
9
2020 highlights
Validation of the investment strategy and focus on credit quality
Collections Sector leading rent collection in the pandemic continues to support the dividend: 97%
collected in Q2, 98% in Q3, and 100% in the following two quarters.
Revenue Contracted rent roll grew from €8.9m to €10.9m.
Distributions Dividends per share of 5.15c declared for 2020. 2019 was 6.75c, representing ordinary
dividends of 4.88c and a special dividend of 1.87c.
NAV Robust valuation with NAV per share of 100.03c at Dec 2020, up 1.51c from 98.52c at
Dec 2 0 19. This is despite costs for the €25.3m Millennium Park purchase of 1.8c per
share.
NAV total return NAV total return1 for the period of 6.30c per share vs 5.01c per share for 2019, despite the
impact of the pandemic on economic activity.
Pipeline Strong acquisition pipeline, with early indications suggesting improved pricing offering
enhanced returns.
1. NAV total return measures the return according to IFRS NAV and dividends paid. It is similar to total shareholder return, except for its use of IFRS NAV in place of 10
shareprice.NAV per share progression 2020
Performance reflects underlying portfolio quality
▪ As an income REIT, the vast majority of EPRA earnings are distributed in quarterly dividends
▪ Income is not the only driver, valuation gains outweighed period acquisition costs
11Portfolio and income growth
Operational leverage continues to drive earnings growth
Property value and rent roll €m
▪ Property portfolio grew by €26.1m (+23%) over the year (from 12 160
€115.8m to €141.9m). 140
10
▪ Contracted rent roll grew by €2.0m (+22%) over the period (from 120
€8.9m to €10.9m). 8
100
▪ Since IPO the Company has maintained current and reversionary 6 80
yields despite growing by 5.5x. 60
4
▪ Portfolio is still under rented with potential of additional rent of 40
€0.6m from rent reviews and €0.5 million from letting current 2
20
vacancy. 0 0
▪ The Company has regularly outperformed the valuers’ IPO Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20
Rent roll (LHS) 2.6 4.6 6.3 7.5 8.9 10.4 10.9
expectations of ERV on new lettings.
Portfolio (RHS) 25.9 56.9 77.9 90.5 115.8 141.07 141.925
Annualised administrative costs / portfolio
▪ Yew Grove continues to demonstrate operational leverage,
which feeds through todividends. 4.1%
▪ As reversion is captured, the revenue/cost ratio will improve.
2.6%
▪ As the Company increases its capital base, revenue growth 2.2%
should continue to outpace costs and we expect
continued improvement.
DEC-18 DEC-19 DEC-20
Annualised Admin cost/portfolio value
12Dividends and capital strength
Quarterly distributions from secure income
2
▪ Dividends for 2020 equate to 96% of EPRA EPS and reflect the net
income after accounting for irrecoverable capital expenditure on 1.5
the portfolio.
1
▪ Dividends declared for 2020 were 1.2c, 1.25c, 1.3c and 1.4c per
share respectively. 0.5
▪ The Company expects to distribute its EPRA earnings quarterly 0
Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2019
after accounting for expected irrecoverable capital expenditure
Ordinary Special
▪ The Company actively manages its properties to enhance
income and value. Like for like portfolio annual value change
2019 2020
▪ Property purchase costs are c. 8.5% (7.5% stamp tax, legal,
survey etc). The Company aims to recover these through value Portfolio 5.44% 2.55%
growth within three years
Office 3.39% 1.90%
▪ Despite the effect of the pandemic on valuations in 2020 the
Industrial 15.76% 5.50%
like for like growth since December 2018 has been 7.99%
13Summary balance sheet
Stable asset values, strong liquidity
Group Balance sheet(€’m) At 31 Dec 2019 At 31 Dec 2020 Change Comment
€25.3m purchases, €2.7mm sales, valuation
Investment properties 115.8 141.9 23% gains of €3.5mm
Cash and cash equivalents 14.6 10.7 (27)%
Borrowings (20.4) (38.3) 88% Financing of Millennium Park purchase
Reflects quarterly rent collections paid in
Other Asset/(Liabilities) (0.1) (2.7) advance
Total equity 109.9 111.6 1.5%
IFRS NAVPS (cents) 98.52 100.03 1.5%
Diluted EPRA NAVPS (cents) 98.41 99.77 1.4%
▪ NAV grew by €1.6m, after the impact of Millennium Park acquisition costs of €2.1m
▪ The Company’s revolving debt facility increased to €53.6m, of which €15.0m was undrawn at period end
▪ Net debt at period end was €27.5m
▪ The Company remained comfortably within financing covenants throughout the period
14Summary income statement
Solid collections and contained costs
Group Income Statement (€’m) 2019 2020 % change
Rental Income 7.95 11.21 43% Portfolio +23%
Lease surrender income 2.00 0.15
Property Expenses -0.53 -0.71
Net Rental Income 9.42 10.65 13%
Gains on investment properties -0.65 1.30 Gains exceed period purchase costs
Total income 8.77 11.95 36%
Administration and AIFM -3.04 -3.14 3% Portfolio +23%
Finance costs -0.67 -1.81 Includes rearrangement costs
Total Expenditure -3.71 -4.95 33%
Profit for the period 5.06 7.01 39%
Total comprehensive income 5.06 7.01
Basic EPS (cents) 6.24 6.28 1%
Diluted EPRA EPS (cents) 7.02 5.50 -22%
Dividends declared for period (cents) 6.75 5.15 -24%
Dividends declared for period (cents, excl special) 4.89 5.15 5%
15SECTION 3
Portfolio &
Asset Management
1516Overview of current portfolio
Portfolio value
€141.9m
Lettable Space
Letterkenny (1) Dublin
824,940 sq. ft
Number of properties
22
Vacancy rate Airways
4.1%1 7+8
Athlone (4)
Value ofinvestment Dublin (11)2
properties inDublin Ashtown
B,C
€78.6m2
Tullamore (1) Gateway
Government & FDI 1,3
tenants
92.4% Portlaoise (1)
Acquisitions in2020 Listowel (1)
(6 buildings) Naas
Waterford (1)
€25.3m
WAULT Expiry/Break Cork (2)
7.5/4.2
Rent Roll
€11.3m
1 - Vacancy by area 3.9%
2 - For these purposes the properties at Millennium Park in Naas, which is within the Dublin commuter belt have been treated as Dublin properties. Without them Dublin would account for €49.5 million . 17
Figures as at 01/01/2021High quality diversified portfolio
Overview of current portfolio Key tenant overview
• Number of tenants: 42 % of annual rent
Company Home Country
• 53% of rent roll is in the Dublin catchment area roll1
• 53% of rent roll is rated A3 or above
• Public companies make up 72% of non-Government rent roll 12.7% USA
• Yield to company: 7.9%
• Reversionary yield: 8.7% 12.2%
Ireland
(Government)
9.9% USA
8.4% USA
Ireland
6.9%
(Government)
SME Packaging,
3.7% 4.3% Other,
Tech,
Government 6.6%
2.8% 6.2% Germany
24.9% Life
Sciences,
Grocery, 35.0% 5.2% USA
7.3%
Finance & 3.4% USA
Business
Services,
19.1% 3.1% Luxembourg
FDI/Large
enterprise
Government,
71.4% 2.9% Germany
24.9%
1 - As a percentage of Revenue as at 01/01/2021
18Growing value in regional offices
Our regional office valuations are currently driven by asset management
▪ The regional office portfolio, like the overall portfolio, is under
rented.
▪ Since IPO the contracted rents per sq. ft and the ERVs have risen and
we expect that to continue.
▪ Asset management consistently drives WAULTs faster than lease
rolldown and benchmarks rental increases which informs the
valuer’s view of local ERVs.
▪ Since 2019 we have completed asset management (new or
regeared leases, rent reviews and lease breaks) in most of our
regional office locations.
▪ Our Dublin (city fringe and suburban offices) also demonstrate
significant under rental, and embedded value.
19Embedded value in industrial properties
Valuation in our industrial properties has, to date, been driven by a strengthening market
• The portfolio is predominantly exposed to tenants in the life
science sector and there is currently no vacancy.
• Over the past 2 ½ years ERVs have risen with the changes in
contracted rent psf largely coming from new acquisitions at a
higher rent than the portfolio average.
• The discount rates used by the valuers have compressed, but at
over 7%, are still significantly above the levels seen in public
transactions in 2020 and 2021.
• Because there has, as yet, been little asset management we
have seen neither the capture of ERV (via rent reviews or new
leases), nor an extension of WAULT. Both could potentially
substantially increase value in this part of the portfolio.
6 €100
€90
5 €80
4 €70
€60
3 €50
€40
2 €30
1 €20
€10
0 €0
June 18 Dec 18 June 19 Dec 19 June 20 Dec 20
WAULT (yrs, LHS) Cap Value psf (RHS)
20Yew Grove is committed to tenants that are expanding their operations
IDA Business & Technology Park, Athlone
• Many FDI tenants, especially in Life Sciences,
are expanding operations, despite the
pandemic. .G
• The level of investment in existing properties, the D E
B C F
lack of vacancy in suitable alternatives, plus the
importance of existing supply chains, work force
and local 3rd level education make staying in situ
the preferred solution. Key:
• A - Teleflex
A • B - PPD
ProjectA • C – KCI Carpark
• D – KCI Building 1
• Temporary office/canteen development • E – KCI Building 2
• F - Signature
• Temporary car parkexpansion • G - M6 Motorway interchange
• 37k sq ft office extension
• New 175 space car park.
ProjectB Acquisition Yield at
• Expanded an existing car park Price: fair value: Size:
• Helped with improvements to power and
€28.6m 8.4% 207,000 sq ft
water supply
• Facilitated expansion in neighbouring
building Present Tenants:
• Planning for a new warehouse and resiting a Occupancy: Teleflex,
car park. Value:
100% KCI, PPD
€30.1m
21Focus on value, income and reversionarypotential
Millennium Park, Naas
• We had tracked this portfolio since 2018, and agreed heads
of terms in the midst of our Q4 equity raise in 2019,
exchanging within 2 weeks of drawdown.
• The portfolio consisted of 6 buildings, 141,000 sq. ft, 5 fully let Naas
and one, Birch House, an HQ style 40,000 sq ft building, vacant.
• We completed the purchase in February, 2020 paying
€25.3 million plus costs.
M7/N7 interchange
• A new motorway directly connecting the park to Dublin (40
minutes) and the airport (40 minutes) had just been
completed, making it much more attractive as a suburban
location for FDI businesses. Millennium Park
• Before completion we identified potential lessees for Birch
House and despite delays caused by the Covid-19 lockdown, Acquisition Yield at
signed a 15 year lease with Aldi in early July. Price: Size:
fair value: 141,000 sq ft
• The December valuation saw an increase of almost €25.3m 8.7%
€1.3 million from June.
• Our active asset management continues to capture the Present
reversionary potential of the park. Occupancy: Multi-
Value tenanted
98%
€26.6m
22SECTION 4
Pipeline & Outlook
23
Classified asConfidentialAttractive Pipeline
The non-CBD investment market is growing in liquidity and size
13.8 13.7
• The Company’s target market is large and under invested 5.2 Irish
industrial
Value €bn
• The immediate pipeline of 11 properties (€153 million of cost) is market
analysed below
Non-Dublin
• A further €150 million of regional properties in the medium term. 8.5 CBD office
market
• Number of asset management opportunities across the pipeline
to drive capital and incomevalue. Dublin CBD office Yew Grovetarget
market market
Total Costs NIY RY WAULT break
Office €120.9m 8.06% 9.23% 2.8
Industrial €32.6m 7.15% 8.15% 6.4
Overall €153.5m 7.86% 9.00% 3.5
Tenant Type Location ofAsset Type of Asset
Large SME
Regional
Enterprise 3% Industrial
21%
13% 21%
Government
32%
Dublin
Suburban Core +
Dublin 71%
8%
FDI Office
52% 79%
24Summary & Outlook
• The Company’s focus on credit quality and institutional buildings in carefully selected locations
has been reflected in a robust rent collection and valuation in 2020 against the backdrop of the
Covid-19 pandemic….
• …and underpinned progressive quarterly dividends supported by stable and growing capital
values
• Our immediate outlook involves a move to the main board of the Irish Stock Exchange, and the
pipeline of potential acquisitions
▪ Irish FDI tenants, particularly in sectors targeted by the Company, have expanded their operations
through the pandemic, supporting the Company’s current investments and future opportunities
▪ There is, currently, limited competition for the pipeline, which can be both reversionary and bought
below re-build cost
▪ Our ability to execute the pipeline requires further capital
▪ Additional capital should enable the Company to benefit from operating leverage, improve shareholder
liquidity and returns
25About Yew Grove
Proven management team supported by vastly experienced non-executive directors and advisers
• Over 30 years’ experience in investment markets, including running the • Previously Senior Vice President of IDAIreland
European and Asian structured finance business at JPMorgan acting as Global Head of two key operating
• Previous owner and director of the Pepper Group, an Australian divisions
based mortgage lender and servicer which built the largest third- • Member of the Institute of Directorsof Ireland
party servicing business in Ireland • Qualified Barrister at Lawfrom University
• Co-Founderof the Yew Tree Fund, the Company’sseed Portfolio College Dublin & Kings Inns
• Sits on the Company’sInvestment Committee BarryO’Dowd
JonathanLaredo Non-executive Chairman
Chief Executive Officer
• Over 25 years’ experience in investment markets, • Former Finance Director of Irish Continental
structuring and raising capital for companies and funds Companyplc (“ICG”) for 27 years
• Previously a member of the Financial Analytics and Structured • Prior to joining ICG, he workedin a number of
Transactions Group at Bear Stearns, before developing and financial roles at CRH plc. Mr O’Dea is
running managed vehicle issuance and risk management currently an independent trustee of the RTE
programmes atNomura Garry O’Dea Superannuation Scheme
• Co-Founderof the Yew Tree Fund IndependentNon-executive • Qualified Chartered Accountant
CharlesPeach • Sits on the Company’sInvestment Committee Director, Senior • Chairs the Audit Committee
Chief Financial Officer IndependentDirector
• Over 31 years’ experience in investment marketsspanning high • Previously a Senior Fund Manager atZurich
yield, distressed debt and real estate businesses Life Assurance Ireland plc where she had
• He started his career in corporate finance at Bankers Trust, responsibility for equity and regional asset
followed by Sumitomo Finance, Commerzbank, BNP Paribas, allocation
Aladdin Capital Management LLP • Currently NED of Hostelworld Group plc,
• Co-Founderof the Yew Tree Fund appointed NED of Kingspan plc
MichaelGibbons Eimear Moloney • Qualified Chartered Accountant
Chief Investment Officer Independent Non- • Chairs the Remuneration Committee
executive Director ke
• Prior Chairman and Chief Executive of Hardwicin
• Significant Board and property experience as Chairman of Great
Property Group for 18 years currently Partner
Portland Estates, Deputy Chairman of the supervisory board of
Beresford Real Estate
Alstria Office REIT-AG, Senior Advisor to TPG Real Estate LLC and
• A 30-year veteran of the Irish real estate
previously served as NED at Standard Life Aberdeen, and a Senior
industry, prior to which he was at Deloitte
Independent Director at St Modwen Properties, ISG and Hansteen
• Fellow of the Chartered Accountants Ireland
Holdings • Member of the Society of Chartered Surveyors
• 12 years’ banking experience in property at County Bank and Brian Owens Ireland and the Royal Institution of Chartered
Richard Mully Bankers Trust Independent Non- Surveyors
Adviser to • 13 years as a principal real estate investor with SorosReal Estate executive Director • Chairs the Valuation Committee
managementteam
26Overview of existing assets
Contracted Gross Reversionary Gross WAULT to WAULT to
Value Portfolio
Building Type Location Rent Roll Yield at Rent Roll Reversionary lease break lease end
(€'000) Vacancy
(€'000) Fair Value (€'000) Yield (years) (years)
1 One Gateway Office Dublin 19,300 1,306 6.8% 1,495 7.7% 1.6 2.7 0.4%
2 Letterkenny Office North West 15,670 1,437 9.2% 1,458 9.3% 7.3 7.3 0.0%
3 Three Gateway Office Dublin 14,540 913 6.3% 1,181 8.1% 1.0 1.0 0.0%
4 Teleflex Office Midlands 11,580 948 8.2% 851 7.3% 7.8 10.7 0.0%
5 Birch House MP Office Dublin Catchment 8,200 697 8.5% 697 8.5% 9.5 14.5 0.0%
6 Chestnut House MP Office Dublin Catchment 6,200 507 8.2% 576 9.3% 2.9 2.9 0.0%
7 Unit 2600, Cork Airport Office Cork 6,950 350 5.0% 689 9.9% 4.9 14.4 49.2%
8 IDA Athlone Block B Industrial Midlands 6,075 530 8.7% 530 8.7% 2.2 12.2 0.0%
9 Ashtown Gate Block C Office Dublin 4,990 395 7.9% 396 7.9% 3.2 4.9 0.0%
10 IDA Athlone Unit B2 Industrial Midlands 5,550 483 8.7% 483 8.7% 2.7 13.7 0.0%
11 Ashtown Gate Block B Office Dublin 4,780 405 8.5% 374 7.8% 2.1 8.4 0.0%
12 IDA Waterford Block A Office South East 4,150 353 8.5% 424 10.2% 2.6 14.0 0.0%
13 IDA Athlone Block A Industrial Midlands 3,640 270 7.4% 313 8.6% 4.9 8.0 0.0%
14 Hazel House MP Office Dublin Catchment 3,460 341 9.8% 335 9.7% 2.8 4.4 0.0%
15 Willow House MP Office Dublin Catchment 3,300 222 6.7% 316 9.6% 4.1 5.2 18.6%
16 Ash House MP Office Dublin Catchment 3,270 326 10.0% 331 10.1% 0.5 5.5 0.0%
17 IDA Athlone Block C Industrial Midlands 3,215 280 8.7% 253 7.9% 3.8 8.8 0.0%
18 Airways Unit 8 Industrial Dublin 3,100 160 5.2% 291 9.4% 5.1 10.1 0.0%
19 Blackwater House Office Cork 2,860 235 8.2% 343 12.0% 3.7 3.7 29.0%
20 Airways Unit 7 Industrial Dublin 2,760 160 5.8% 258 9.4% 4.5 9.5 0.0%
21 Beech House MP Office Dublin Catchment 2,170 222 10.2% 221 10.2% 1.6 6.7 0.0%
22 Unit L2 Toughers Industrial Dublin Catchment 1,930 170 8.8% 211 10.9% 2.1 2.1 0.0%
23 Bridge Centre Retail Midlands 1,625 209 12.9% 161 9.9% 7.1 8.4 0.0%
24 Old Mill Lane Mixed Use South West 1,690 247 14.6% 159 9.4% 5.7 8.0 0.0%
25 Canal House Mixed Use Midlands 920 107 11.6% 55 6.0% 6.0 6.0 0.0%
Total 141,925 11,272 7.9% 12,403 8.7% 4.2 7.5 4.1%
Figures as at 01/01/2021
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