- Slate Office REIT (SOT.UN) is acquiring all issued and outstanding shares of Yew Grove REIT PLC
- The proposed acquisition would see the REIT acquire a portfolio of 23 modern properties which are in strong markets across Ireland
- Ninety-five per cent of the portfolio’s income is secured by investment grade, FDI and government tenants
- Upon completion of the acquisition, Slate will onboard the existing Yew Grove team
- Slate Office REIT (SOT.UN) is up 1.02 per cent trading at $4.96 per share as of 1:58 p.m. EST
Slate Office REIT (SOT.UN) is acquiring all issued and outstanding shares of Yew Grove REIT PLC.
The proposed acquisition would see the REIT acquire a portfolio of 23 modern properties which are in strong markets across Ireland.
Ninety-five per cent of the portfolio’s income is secured by investment-grade, FDI and government tenants.
Steve Hodgson, CEO of Slate Office REIT, commented
“This transaction will add to our portfolio of high-quality, well-located office and lite-industrial assets and increase our exposure to blue-chip tenants in technology and life sciences industries at very attractive pricing that is uniquely available in this market.”
Brady Welch, a board trustee of Slate Office REIT, added
“We’ve identified Ireland as an attractive new market with strong economic drivers and a robust acquisition pipeline that aligns with the REIT’s investment criteria.”
The arrangement is expected to become effective in the first quarter of 2022, subject to the satisfaction of customary terms.
Upon completion of the acquisition, Slate will onboard the existing Yew Grove team.
The Yew Grove team has a strong track record of growth in Ireland and deep local market knowledge and relationships that will enable the REIT’s continued growth in the region.
“This transaction will give us a platform for external and organic growth in the region so we can continue to enhance the scale, diversity and stability of our portfolio for our investors,” said Welch.
Slate Office REIT (SOT.UN) is up 1.02 per cent trading at $4.96 per share as of 1:58 p.m. EST.