Green REIT reports €335m spent to date on 16 investment properties

Green REIT has invested €335m to date in compiling a portfolio of 16 investment properties.

In an interim management statement for the four and half months since 1 January 2014, the company said this morning that it has acquired a number of properties in what has been an “active period”.  The company’s acquisitions during the period were the Danske II portfolio for €22.1m and Central Park.

On 2 May 2014, Green REIT completed a firm placing and placing and open offer, raising net proceeds of around €385m.

“The success of our second capital raising, which increased our total equity base to approximately €685m, reflects the market’s confidence in our ability to continue to identify and acquire attractive investment opportunities, both on and off-market,” said Stephen Vernon of Green REIT. “We have successfully invested €335m since our initial capital raise and will now selectively invest this additional capital to continue to drive value for shareholders.”

“While we are seeing anuplift in values in the Irish commercial property market, there remain significant, attractive opportunities for a disciplined buyer with a proven, experienced team and a strong network of industry relationships,” said Pat Gunne, chief executive of the investment manager, Green Property REIT Ventures Ltd. “We now have additional financial capacity and are uniquely positioned to identify and acquire further property investments to enhance our income stream and drive shareholder returns.”

The company also said that overall, the acquisitions were funded by €260.4m of equity and €74.6m of debt financing. It said the capital has been invested at an initial yield of 7.9pc.