Dublin-based Green REIT has reported a 1.6% NAV rise to €1.2bn in its interim results for the six months to 31 December 2017.
EPRA NAV per share rose 1.6% to 168.3 cents. Rental income increased by 19.2% to €33.7m.
The majority of the REIT’s portfolio is in the Dublin office market, with recent completed developments including One Molesworth Street, an 88,500 sq ft office building which will add €4m of annual rent.
Pat Gunne, chief executive of Green Property REIT Ventures, said: “Profit from our development schemes, particularly the recently completed One Molesworth Street, was key to mitigating the unexpected trebling of stamp duty announced in the October 2017 budget.”
Gary Kennedy, chairman of Green REIT, said: “Our strategic focus continues to be on driving risk-adjusted returns for shareholders, through our development schemes and a progressive dividend policy which is underpinned by a high quality portfolio and managed by a highly skilled and experienced team. We continue to operate against a backdrop of sustained economic growth in Ireland, and a robust occupier market in our key sectors, Dublin offices and logistics.”
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