Tuesday 21 May 2019

Vernon and Gunne share €21m bonus award from Green REIT

Stephen Vernon and Pat Gunne
Stephen Vernon and Pat Gunne

Sarah McCabe

Green REIT chairman Stephen Vernon and chief executive Pat Gunne last week received share awards worth a total of €21m from the Dublin-focused property investment company - an amount close to the entire after-tax profit made by the company in 2014.

The wealthy UK businessman and the Irish real-estate expert received just under 14m shares on September 28, when the company's share price closed at €1.48, valuing the payout at around €21m.

A spokeswoman for Green REIT said the awards were made to Vernon and Gunne in their capacity as investment managers, based on Green's performance during 2015. The company exceeded performance targets during the financial year, she said.

The company made an after-tax profit of €156.7m in the 12 months to the end of June - more than two-and-a-half times the amount it made the year before - as the value of Dublin's commercial property market rocketed.

This compared to an after-tax profit of €43.1m in the company's 2014 financial year.

It is mostly owned by institutional investors from overseas.

Its largest shareholders include Franklin Templeton, the US firm that bet so heavily on Irish bonds during the crash, and a hedge fund run by US billionaire John Paulson.

Green was the country's first Real Estate Investment Trust.

It listed on the Irish Stock Exchange in the summer of 2013, raising more than €300m to invest in commercial property.

Sunday Indo Business

Also in Business