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

Eversheds Sutherland Ireland advised Investec Bank Plc, as ESM advisor, bookrunner and financial advisor, on the €75 million IPO of Yew Grove REIT.

Yew Grove’s shares were admitted to trading on the Enterprise Securities Market of Euronext Dublin and the AIM market of the London Stock Exchange on Friday.

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 (REIT) 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, who were represented by HOMS Solicitors. 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.

Mr Murphy said: “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.”