Slate Office REIT makes cash offer to acquire Irish REIT

Slate Office REIT makes cash offer to acquire Irish REIT

Canada’s Slate Office REIT has made a C$254.8 million (€177.4 million) cash offer to acquire Irish commercial property company Yew Grove REIT.

Slate Office REIT has reached an agreement with Yew Grove REIT Plc (Yew Grove) on the terms of the proposed cash offer pursuant to which an indirect wholly-owned subsidiary of the REIT would acquire all of the issued and outstanding shares of Yew Grove, for cash consideration of €1.017 per share. 

Yew Grove is a REIT that is dual-listed on the Euronext Dublin (Ireland) and London stock exchanges. Yew Grove owns a high quality, fit-for-purpose portfolio of 23 office, life sciences and lite-industrial properties located in Ireland.

“This is a transformational opportunity for Slate Office REIT to acquire a portfolio of modern properties underpinned by exceptional quality tenants,” said Steve Hodgson, Chief Executive Officer of Slate Office REIT.

“The proposed acquisition, upon completion, would improve the REIT’s portfolio metrics and the durability of our cash flows, generating immediate accretion for unitholders. With this initial acquisition in Ireland, we would be well positioned to pursue other attractive growth opportunities across Europe.”

Brady Welch, a Trustee of the Board of the REIT and a London-based Founding Partner of Slate Asset Management, the REIT’s manager, added: “We have developed a deep understanding of the landscape in Europe since entering the market in 2013, having underwritten over €21 billion of office opportunities in the last few years alone. These are quality properties in a rapidly-growing market with strong real estate fundamentals, and we are very pleased to be investing alongside the Offering and supporting the Proposed Acquisition with our established platform in the region.”