New Irish property investment company Green REIT has announced its plan to seek a primary listing on the Irish Stock Exchange and a premium listing on the London Stock Exchange.
The company said it aims to raise over €200m in the placing of shares.
Green REIT said it is expected to be the first REIT set up in Ireland after the recent introduction of REIT legislation by the Government.
A REIT is a company that owns and manages property on behalf of shareholders. It can contain commercial and/or residential property but excludes the letting of owner-occupied buildings.
REITs provide a way for investors to access the risks and rewards of holding property assets without having to buy property directly.
Green REIT said its objective is to gather a property portfolio, consisting mainly of commercial property in Ireland and mostly in Dublin. However, it said it may consider investing in other city areas of the country, including Cork, Galway and Limerick.
''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 asses that has occurred within the company's target categories of investment opportunities,'' a company statement said.
It said it will distribute 85% of its property income to shareholders each year in accordance with the rules of the Irish REIT legislation.
Gary Kennedy is chairman of the new firm, while its board of directors include Stephen Vernon, Jerome Kennedy and Thom Wernink.
