Green Real Estate Investment Trust has reported a net profit for the year to the end of June of €43.1m. The REIT raised €710m when it listed on the Irish Stock Exchange last year. It has invested or committed €748m in Irish commercial property since then. REITs are a stock market listed vehicle which invests in property allowing investors to gain exposure to a portfolio of property in a tax efficient manner.

Pat Gunne, chief executive of Green Property REIT Ventures, says the property market is changing rapidly on a monthly basis and after going through several years of no liquidity, is seeing a return to liquidity. Admitting the company had a first mover advantage, Mr Gunne says it is now a good time to invest in offices, especially in Dublin. He says the earlier you buy assets in a recovery, the better prices you realise. He also says that the property recovery is not just an Irish story, but one that is being seen all over Europe. Mr Gunne says that the rental side of the market is also reassuring, but adds that it is still way off the peaks seen in 2001, let alone 2007. He says that a lot of developers and developments were locked up in NAMA, but now that is also starting to change. 

***
MORNING BRIEFS - Ryanair and Boeing will make a joint announcement today confirming the airline has placed an order for around 100 new Boeing 737 jetliners. An order of that size could be valued in the region of $11 billion according to reports.

*** Activity in the construction sector has increased every month throughout the past year. The latest monthly construction purchasing managers index, a measure of activity and sentiment in the sector, shows a sharp rise in new orders during August. House builders and commercial construction companies reported particularly strong growth during the month. Construction firms indicated they were very optimistic that growth will continue. This is supported by hiring activity with employment in the sector rising now for the twelfth month in a row.

*** Natural gas prices were up 9% in August according to the Bord Gáis Energy Index. Supply restrictions and higher demand for gas in the UK during the month were the main factors behind the price spike but Ireland is now beginning to feel the impact of the weakening of the euro against sterling. Gas imported from the UK has now become relatively more expensive in euro terms. After last week's surprise interest rate cut from the European Central Bank the single currency is trading nearly 2% lower against the pound than it was in June.

*** New research suggests that US chief executives time positive announcements about their companies to coincide with planned share sales. A working paper written by Alex Edmans, professor of finance at London Business School, suggests they either delay or bring forward the release of news likely to boost the share price such as new product launches, for periods in which they are allowed to sell shares.