Green REIT has purchased €178 mln worth of properties in Ireland in its first acquisitions since raising €310 mln of equity from its listing on the Irish and London stock exchanges in July.

Green REIT has purchased €178 mln worth of properties in Ireland in its first acquisitions since raising €310 mln of equity from its listing on the Irish and London stock exchanges in July.

The Irish property company announced on Monday that it has exchanged contracts to acquire a portfolio of assets from Danske Bank Ireland for €127.6 mln (net of acquisition costs), reflecting an initial yield of over 8.5%.

The portfolio comprises 10 properties, eight of which are in Dublin. It covers a mix of prime and good secondary assets and is currently 84% let with a weighting towards the retail (37%) and office (29%) sectors. The portfolio also includes a development site adjacent to Dublin Airport.

In addition, Green REIT has acquired two properties in Dublin for a combined value of €50.7 mln. The two assets comprise the EBS Building Society Headquarters on Burlington Road and Independent Newspaper Print Works at CityWest Campus in Dublin. Both transactions are off-market.

Stephen Vernon, CEO of Green REIT, commented: 'Our first transaction since we successfully raised €310 mln and listed in July is consistent with our stated strategy of investing in primarily Dublin-based commercial property.'

Green REIT listed on the main markets of the Irish Stock Exchange and London Stock Exchange on 17 July 2013, raising €310 mln. The company is the first Irish real estate investment trust to be set up following the introduction of REIT legislation and the first to float in Ireland.

Its strategy is to build a commercial property portfolio and deliver income and capital growth through opportunistic investments, active property management and 'prudent' use of debt finance.