Green REIT upbeat on property for 2014

Monday 10 February 2014 12.06
Green REIT issues first set of interim results
Green REIT issues first set of interim results

Property investment company Green REIT has reported pre-tax profits of €121,00 since its establishment in June to the end of December.

The company is the country's first real estate investment trust and listed on the Irish and London stock exchanges last July, raising €301m.

Green REIT's rental income in the six month period came to €1.7m, while the company invested €191m of capital.

The company said it has a strong property portfolio, comprising 905,000 square feet of built space, with 84% of it located in Dublin. Its portfolio has an occupancy rate of 88%.

Since January, the company said it is close to completing the purchase of five Dublin city centre properties for €23m, while it was also selected as the preferred bidder for the Central Park development in south Dublin at the end of January.

Green REIT Chairman Gary Kennedy said that the company was established as an investor in the Irish commercial property market at an opportune time when market activity was beginning to increase and values started recovering.

"Having effectively deployed €214m of equity in a relatively short period, the company still has the financial capacity to take advantage of further attractive investment opportunities. The effective deployment of further capital will grow the size of our portfolio, enhance our income stream and drive shareholder returns," he added.

The company said that the strengthening macroeconomic backdrop in Ireland, particularly in Dublin, and supportive property market conditions should lead to growth in rental and capital values in commercial property during 2014. 

"The board has a confident outlook and the company's property portfolio holds many opportunities to be exploited. The Board expects continued success in deploying the company's capital to build the property portfolio with properties which satisfy the investment and financing criteria set out in the prospectus," Green REIT said in today's results statement.