Property investment group Green REIT has said that it is on site in four of its five development projects, all of which are progressing well.

In an interim management statement, the company said that work on its fifth project is set to start early next year.

The sites are Central Park in Dublin 18, Molesworth Street in Dublin 2, Horizon Logistics Park beside Dublin Airport, Dawson Street in Dublin 2 and 4-5 Harcourt Road in Dublin 2.

The company said that lettings completed since the first of July have increased annual rental income by €1m and reduced its overall vacancy rate from 2% to 1%. It said that substantially outperformed the general market availability rates.

Green REIT also said that it paid a dividend of €10.5m, or 1.6 cent per share, in respect of the year to the end of June to shareholders last month.

The company's chairman, Gary Kennedy, said the company looked forward to continuing to drive value for shareholders through the range of asset management and development initiatives across the portfolio, while keeping a "prudent" level of gearing.

"We are happy to be on site on four on our five development projects and believe that these represent a strong opportunity to drive shareholder value over the medium term," Mr Kennedy added.