A new property investment trust plans to raise hundreds of millions of euro to acquire industrial property assets in the greater Dublin Area.

Core Industrial REIT has announced its intention to float on Dublin's ESM and London's AIM exchanges - and will seek to raise €225m to fund its investments.

The company said it already had 106 industrial assets and approximately 167 acres of land in its portfolio, valued at €82.9m.

It is planning its IPO for March and the company is expected to be the first REIT specifically targeting the Irish industrial property sector.

Daniel Donovan, the chief executive of the company, said Core would be Ireland's first REIT aimed at capitalising on the attractive investment opportunities it believes exist in the Irish industrial property sector. 

"The existing portfolio will offer an immediate source of income for Core and we intend to drive further income and capital growth in both that portfolio and the additional assets we expect to acquire following admissionm" MR Donovan said. 

"We look forward to using our experience and relationships in the industry to generate long-term value for shareholders," he added.

A real estate investment trust (REIT) is a company that owns, operates or finances income-producing real estate.