22 July 2014

Irish commercial property REIT to seek exchange listing

07:11, Post Reporter

Newly-incorporated Irish property investment company, Green REIT is to seek a listing on both the Irish Stock Exchange and the London Stock Exchange.

The company - a Real Estate Investment Trust (REIT) - plans to assemble a portfolio of freehold and long leasehold properties consisting primarily of commercial property in Ireland, principally Dublin, it said in a statement. It is seeking to raise gross proceeds in excess of €200 million, it said.

The company, which is linked to property veterans Stephen Vernon and Pat Gunne, is expected to be the first REIT established in Ireland following the introduction of REIT legislation at the last Budget. Reits are publicly-quoted companies which own and operate income-producing property or property-related assets such as offices, shopping centres, retail warehouses and industrial units. Shares in Reits can usually be bought through a stockbroker or a share trading platform

Dealings in the shares are expected to commence at 8.00am on July 18th. Green has a target total shareholder return of 10 per cent to 15 per cent per annum (pre-taxation) when fully invested, it said.

Gary Kennedy, chairman of Green REIT, said the establishment of Ireland’s first REIT was “positive for the Irish commercial property market, providing stability with long-term capital.”

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