Yew Grove REIT, a new Irish Real Estate Investment Trust managed by its executive directors, has successfully raised gross proceeds of about €75m.

The REIT said it has applied for admission to trading on Dublin's Enterprise Securities Market and the London Stock Exchange's AIM market. 

Admission is expected on June 8. 

Yew Grove will be the first to list in Dublin since Euronext bought the Irish Stock Exchange and will be the first property company to list on AIM this year.

The company said its investment objective is to provide shareholders with high, good quality income from a portfolio of property comprising well-tenanted commercial real estate in strategic centres around the country. 

This will mainly include office and industrial assets let to government entities, state bodies, IDA Ireland-supported and other FDI companies as well as larger corporates located in Dublin City and in major regional hubs.

Jonathan Laredo, Yew Grove REIT's chief executive, said the IPO is a compelling opportunity for the company's customers, investors and the sector. 

"It will position the company to invest in strategic centres throughout Ireland and help Irish state bodies, IDA Ireland and other FDI companies and larger corporate tenants to find the property solution to meet their needs," he said. 

"We are a well-capitalised business, governed by a strong independent board, with an experienced
management team committed to delivering attractive returns for our shareholders," he added.