Business

Sunday 17 December 2017

Green REIT to pay €6.1m debut dividend

Pat Gunne of Green REIT
Pat Gunne of Green REIT
Donal O'Donovan

Donal O'Donovan

Stock market-listed property company Green REIT is to pay a dividend of €6.1m and says profits in the six months to the end of December were €74.3m.

Green REIT said net asset values increased by 11pc in the six months to the end of last year to €1.21 a share, or €807m.

The company, which has raised €300m from investors, said it will pay a dividend for the first time of €6.1m, or 9.2 cent per share on or before March 23 this year, for the 12 months to the end of June 2014.

In 2013 Green was the first Irish real estate investment trust (REIT) to list on the Irish Stock Exchange after the introduction measures allowing for the tax efficient structure.

Green REIT invests solely in commercial property and has concentrated on Dublin.

It has benefited from capital gains on its earliest investments as prices rebounded over the past two years.

Shares issued at €1 in 2013 closed at €1.44 last night.

Green REIT chief executive Pat Gunne said the growing economy here and the historically low European interest outlook provide a positive investment outlook.

Across its portfolio annual passing rents almost doubled in the second half of last year by €24.4m to €53m as it closed a number of acquisitions.

Irish Independent

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