Commercial landlord Yew Grove in Covid rent update

Commercial landlord Yew Grove in Covid rent update
Yew Grove said its properties at the end of June were valued at €141m, which means its balance sheet has contracted by around 1.7m. Picture: Eddie O'Hare

Irish stock market-listed office landlord Yew Grove - which rents offices and industrial buildings in Dublin, Cork Airport, and Waterford IDA Park - has again said it is performing well despite the Covid-19 economic storm. 

However, it said its properties at the end of June were valued at €141m, which means its balance sheet has contracted by around 1.7m. 

In a trading update, it also said has struck a deal with a multinational client for a block in Millennium Park in Naas and for new leases at a retail outlet in Tullamore and an office in Mallow, while surrendering a lease in Stillorgan in Dublin.   

On rent collection, it said that almost all of the rent due has been paid.       

"As such, and subject to the collection of monthly rent due in August and September, we expect that 98% of Q3 contracted rent will be paid in the current quarter," the company said. 

"Despite the strains imposed on businesses by the crisis, the strength of our tenant covenant continues to be reflected in the robust performance of our rent roll and the stability of our portfolio valuation and I am pleased that the strong performance we saw in the second quarter has been repeated," said its chief executive Jonathan Laredo.

"The financial strength of our building occupiers is also good for the locations in which those companies are based," he said.

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