Green REIT seeks to raise €400m through share issue

Friday 04 April 2014 17.04
Green REIT has acquired a number of Dublin properties in the past four months
Green REIT has acquired a number of Dublin properties in the past four months

Property investment group Green REIT is hoping to raise around €400m on capital markets through the issuance of new shares.

The company said it hoped to use the money to “fund further property investments” in the Irish market.

It is set to issue a prospectus next week, which will detail its plans to issue almost 357 million shares at a price of €1.12 each.

Following this, the company will seek shareholder approval for the move at an Extraordinary General Meeting in Dublin on 1 May.

Green REIT floated on the Irish and London stock exchanges late last year and has been involved in a number of high profile property deals in recent months, including the acquisition of the Central Park development in Leopardstown last month.

It has also acquired two property portfolios previously held by Danske Bank.

In a statement, Green REIT’s directors said the market was “at a stage in the cycle where there was a positive gap between investment yields and borrowing costs enabling attractive risk adjusted returns to be generated in an environment of relatively modest gearing”.