Green Real Estate Investment Trust has reported a net profit of €43.1m for the year to the end of June.

The REIT, which is a tax efficient stock-market listed vehicle through which investors can buy property, has invested or committed to invest €748m since it debuted on the Irish Stock Exchange in June last year. 

During the 12 month period, the company said it had assembled a "high quality" portfolio of 17 assets, with the majority of these in Dublin.

Over 73% of the assets are in offices, 17.5% in retail, 3.6% in development land, 2.4% in industrial and 3% in other investments.

"Green REIT's first 12 months has been characterised by momentum, in which we have successfully assembled our current portfolio of property assets", commented the company's chairman Gary Kennedy.

He said that the Irish property market is recovering at a steady pace, along with the general improvement in the economy here, but especially in Dublin where 90% of its assets - by value - are located. 

Green REIT said it was paying a dividend of 0.92 cent per share.