Commercial real estate investment trust Green REIT has reported after tax profits of €144.2m of the year to the end of June, an 11% increase on the previous year.

Earnings per share for the year rose by 10% to 20.8 cent from 18.9 cent.

The company said its rental income grew by 12.4% while a full year dividend of 5.3 cent per share has been proposed, a 6% increase on the previous year.

Green REIT sold the Westend Retail Park in June for €147.7m, which represented a 55% profit for it. 

Following the sale, it said that retail now represents less than 1% of its portfolio, with logistics now reaching 8% of its portfolio.

Green REIT said its positive outlook is underpinned by €600m future development pipeline and the country's favourable economic growth trajectory, with Ireland set to be one of the strongest performing economies in Europe again this year and occupier demand remaining robust.

Among its developments, Green REIT said that construction of Building One in Dublin's Central Park is well underway, with the building due to be complete in the first quarter of next year.

It also completed another three buildings at Horizon Logistics Park, including an 80,000 square foot unit for Kuehne + Nagle. Construction of another two units are due to start there shortly.

"The past 12 months has been great for us on all fronts, particularly our development success across our major office projects and our profitable capital recycling programme from the retail sector into logistics, where we believe there are strong growth prospects," commented Pat Gunne, CEO of Green Property REIT Ventures. 

"The Irish property market remains well supported by our growth economy, our expanding employment base, and a diverse international investor set which continues to find our market attractive, underpinning our positive outlook," he added.

Green REIT's chairman Gary Kennedy said the group's strategic focus continues to be on driving risk adjusted returns for shareholders. 

"We have reweighted the portfolio towards our key sectors of offices and logistics, through effective capital recycling, and we look forward to creating additional value by capturing the development potential at Central Park and Horizon Logistics Park," he said.