Sunday 18 August 2019

Green REIT vacancy rate falls to 1pc as it boosts rental income by €1m

Pat Gunne of Green REIT
Pat Gunne of Green REIT

Paul O'Donoghue

Irish property investment group Green REIT said it has cut its vacancy rate to 1pc and increased its annual rental income by €1m.

In an interim management statement issued this morning covering the period from the start of July to the current date the company said it has reduced its overall vacancy rate from 2pc to 1pc.

It added: "Lettings completed since 1 July 2015 have increased annual rental income by €1m".

It said it is on site in four out of five of its development projects, with the fifth project expected to commence early in 2016.

The developments include a 147,000 square foot office block at Central Park in Dublin 18, which is expected to cost €24m and is on track for completion by the end of 2016, and a new 28,400 square foot office block on Molesworth Street in Dublin.

The Dublin-based company paid out a dividend of €10.5m for the year to the end of June 2015 on 23 October.

Green REIT chairman Gary Kennedy said: "We are happy to be on site at four of our five development projects and believe that these represent a strong opportunity to drive shareholder value over the medium term."

Chief executive Pat Gunne added: "We are making good progress on our development programme against a background of rising rents and our focus continues to be on delivering as early as possible into the development cycle to reduce our exposure to market risk and rising construction costs.

"Our asset management has also been a great success with our estate at almost full occupancy."

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