Franklin Templeton ups stake in Green REIT
US investment giant Franklin Templeton has boosted its stake in Green REIT to over 10pc, the real-estate investment trust that was floated on the Irish Stock Exchange during the summer.
It marks the latest share purchase by the US investment firm and signals continuing confidence in the REIT to be able to capitalise on a recovering Dublin commercial property market.
Franklin Templeton Institutional told the stock exchange yesterday that it now owned slightly more than 10pc of Green REIT. That equates to just under 31.2 million shares in the property investment vehicle. It had previously reported that it owned 28.7 million shares.
The US investment group has been steadily increasing its stake in Green REIT since the company floated in July.
At the time of the flotation, Franklin Templeton Institutional held a 3.55pc stake in the company. By the beginning of August, it had raised it to 7.34pc.
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 crisis.
Floated on the Dublin and London stock exchanges in July, Green REIT is Ireland's first real-estate investment trust. It raised €300m from investors and plans to buy high-end commercial property, primarily in the capital, and make its first acquisition shortly.