SHAREs in property firm Green REIT hit an all-time high yesterday after the company said it would pay out its maiden dividend and is unlikely to raise equity in the near term.
The real estate investment trust rose 2.4pc to €1.48 in Dublin as markets embraced its stronger than expected results. The firm said late yesterday that it will pay a dividend of €6.1m on profits of €74.3m.
The Net Asset Value of Green's portfolio - a key measure of the health of a property firm - rose 11pc to €1.21 a share.
Speaking to the Irish Independent, company chairman Stephen Vernon said the firm did not expect to tap shareholders for any new funds. Green has invested some €807m so far.
"We don't intend to raise any more equity for now. We have a revolving facility with Barclays Bank Ireland for €150m and that can be increased to €290m if need be so we think we have more than enough capital available for any opportunities that come up," he said.
For now, Green is beginning to set in motion its plans to redevelop a number of properties it has around Dublin Planning applications are being prepared for a number of sites in the capital. It is also in the process of joining the EPRA index of listed property firms.
While Green has done most of its deals on properties that have been publicly put up for sale, a large proportion of deals being done at present have been "off market" sales.
Mr Vernon however dismissed the notion that buying off market was better value.
"In a buoyant market like Dublin, the only way you can secure off market is to pay well above what the seller might expect. Otherwise the seller would always bring it to market. The notion that off market deals are cheaper is just a myth," he said.