Hardman & Co Initiation of coverage on Yew Grove REIT

Yew Grove invests in office and industrial assets in RoI. Tenants are creditworthy, 95% multinational or governmental; this RoI regional-income REIT invests in assets that support rising income streams, based on rents that are at a fraction of Dublin CBD levels. Macroeconomic conditions pre (and even more so, post) COVID-19 support Yew Grove’s selection of locations, which exclude Dublin CBD. Sharp historical rises in Dublin CBD rents and easier accessibility of offices on the fringe of the centre have pointed occupiers to these latter “core+” locations, while regional office and industrial attractions are increasing.