Yew Grove REIT plc (LON:YEW, Euronext:YEW), which owns a diversified portfolio of Irish commercial property assets, have been able to demonstrate market leading rent collection and stable property values since the start of the pandemic, which has taken a significant amount of the Company’s management focus and time. Over the coming months the Company will be required to mitigate a combination of factors, including the effects of the on-going pandemic, continue essential property and asset management and migrate its shares from CREST to Euroclear Bank.
The Irish tax provisions governing REITs require the Yew Grove REIT to have its shares listed on a main market of a recognised stock exchange in an EU member state within a specified timeframe. The deadline is three years after electing for REIT status, unless the Revenue exercise the discretion granted to them under the relevant legislation to extend this period. The Company approached the Revenue to discuss an extension of this deadline to 31 May 2022 in order that the Company can better manage the additional commitments before it. The Revenue has confirmed that, based on the specific circumstances, it is agreeable to such an extension.