Wednesday 22 November 2017

Green REIT profits dip €7.2m as net asset value grows 7pc

Pat Gunne, Green REIT
Pat Gunne, Green REIT
Michael Cogley

Michael Cogley

Green REIT, an Irish property investment firm, has filed a profit of €67.1m in the six month period ending December 31 2015, down from €74.3m in the previous year.

In the firm's interim results its EPRA net assets grew by 7pc following the successful implementation of its investment strategy.

Earnings per share in the firm also fell from 11.1c to 10c, while EPRA earnings per share grew 1.9c per share, up from 1.2pc in the same period in 2014.

Chairman of Green REIT, Gary Kennedy, said he was pleased by the shareholder returns the investment strategy was delivering.

"The Board is confident that the continued implementation of our asset management and development strategy, against the favourable backdrop of a strong commercial property market and supportive Irish macroeconomic fundamentals, will deliver further shareholder returns in line with our target. We look forward to the year ahead with confidence," Mr Kennedy said.

Meanwhile, Green Property REIT Ventures chief executive, Pat Gunne, said the firm is looking to improve its Irish occupancy rate.

“The Irish commercial real estate market continues to be supported by the growth in the Irish economy, and in particular foreign direct investment which, despite the global headwinds, has remained very resilient.

"Our focus in Green REIT continues to be on the active management of our €1bn investment portfolio, where we have 99pc occupancy, and the development of our five projects in Dublin, where we expect to add to our very strong list of existing tenants," Mr Gunne said.

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