Green REIT says further investments in the pipeline

Company has invested €355 million in 16 properties since it listed last year

Earlier this month Green REIT raised €385 million through a placing and open offer to fund further property deals.

Earlier this month Green REIT raised €385 million through a placing and open offer to fund further property deals.

Fri, May 16, 2014, 08:45

Green REIT, the Irish listed Real Estate Investment Trust (REIT), has invested €355 million in 16 properties to date.

The properties include Central Park, the Sandyford office block formerly owned by Treasury Holdings, and a second portfolio of commercial property loans from Danske Bank.

The group said its investments had been funded by €260.4 million of equity and €74.6 million of debt financing.

In an interim management statement issued on Friday, Green REIT said the year-to-date had been an active period for the group.

Earlier this month the company raised €385 million through a placing and open offer to fund further property deals. This brings total net equity proceeds raised since July 2013 to €685 million.

Green REIT became the first real estate investment trust to launch on the Dublin market when it floated last year. Part of its plan is to cash in on revived demand for high-quality office space in the capital.

“While we are seeing an uplift in values in the Irish commercial property market, there remain significant, attractive opportunities for a disciplined buyer with a proven, experienced team and a strong network of industry relationships,” said chief executive Pat Gunne.

“We now have additional financial capacity and are uniquely positioned to identify and acquire further property investments to enhance our income stream and drive shareholder returns,” he added.

Davy Research said in a note to clients that Green Reit had deployed capital “sensibly and efficiently” so far.

“The firm’s existing portfolio has risk-adjusted exposure to Dublin’s rising office market with ample value creation opportunities within the real estate under its control,” it said.