South Africa's Investec has cut its stake in Green REIT, the real estate investment trust that was floated on the Irish Stock Exchange in July.
Investec reduced its stake in the fund from 12.9pc to 11.37pc, or 35,250,000 individual shares according to a notice to the stock exchange.
Despite not yet having any real assets, Green has become a much watched name on the exchange, as a mix of international investors trade in and out of the property play.
Last week, US-based Franklin Templeton increased its stake in the fund to 10.06pc having steadily built up its holding in recent weeks.
Shares in Green REIT were up 1.6pc yesterday to €1.25, valuing the €310m fund at €379.75m.
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.
The Green REIT is 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, now the single biggest shareholder after Investec reduced its stake, US based Franklin Templeton and and BlackRock.