Irish commercial property company, Yew Grove REIT said the value of its portfolio fell marginally in the first half of the year when the amount spent on new acquisitions is factored in.

The company invests in office and industrial units and, at the end of June, had a portfolio worth just over €141 million, a fall in value of €15,000 (0.01%) from the aggregate of the 2019 year end valuation and the price of the 2020 property purchases.

It said rent collections remained strong so far this year, despite the impact of Covid-19 - with 97% of rents in the second quarter received.

Annualised rent roll at the end of June was €10.4m, up from €8.9m at the end of 2019. Since June it has increased further to €11.1m.

Government bodies, multi-nationals and large Irish companies account for over 95% of Yew Grove's rental income.

Jonathan Laredo, Chief Executive Officer, said: "Despite the strains imposed on businesses by the crisis, the strength of our tenant covenants continues to be reflected in the robust performance of our rent roll and the stability of our portfolio valuation."

"The Company has increased its asset portfolio and rent roll, completed major lettings and associated asset management works and continued to deliver quarterly dividends to shareholders. We have a programme of further asset management works underway and a pipeline of accretive investments identified," he added.