Sunday 24 September 2017

Franklin Templeton boosts stake in Green REIT

John Mulligan

John Mulligan

US investment giant Franklin Templeton has boosted its stake in Green REIT, the real estate investment trust that was recently floated on the Irish Stock Exchange.

Franklin Templeton institutional has informed the stock exchange that it now owns 10pc of the property investment vehicle, equating to just under 31.2m shares. It previously held just under 28.7m shares.

Franklin Templeton Institutional is an affiliate of the similarly named bond investment firm that became famous here for the success of its investments in Irish government debt during the debt crisis.

Floated on the Dublin and London stock exchanges in July, Green REIT is Ireland’s first ever real estate investment trust. It raised €300m from investors and plans to buy high-end commercial property, primarily in the capital.

Franklin Templeton has been steadily increasing its stake since the flotation.

Green REIT  backed by the executive management of Green Property, the owner of the Blanchardstown Shopping Centre in Dublin. Green’s chairman is Stephen Vernon.

Other high-profile backers for the REIT include New York-based Paulson & Co and BlackRock.

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