Green REIT is the first Irish real estate investment trust to be set up following the recent introduction of REIT legislation and the first to float in Ireland.
Green REIT is the first Irish real estate investment trust to be set up following the recent introduction of REIT legislation and the first to float in Ireland.
Green REIT, which has been launched by the management team of Stephen Vernon and Pat Gunne, will launch on the Irish and London Stock Exchanges in a share issue seeking to raise in excess of €200 mln from institutional investors.
In a statement the management team said that the company’s intention is to assemble a portfolio of freehold and long-lease commercial properties in Dublin and other major Irish cities.
The company added that it expects to deliver an annual pre-tax return of 10% to 15% to shareholders once the vehicle is fully invested.
Green REIT will distribute 85% of its property income to shareholders each year in accordance with the requirements of the new Irish REIT legislation.
The company overview states that ‘by establishing the company during the current cyclical weakness in the Irish real estate market, the board believes the company will give shareholders the opportunity to take advantage of the re-pricing of assets that has occurred within the company’s target categories of investment properties.’
J & E Davy and JP Morgan Securities have been appointed joint bookrunners for the issue.
