FINANCE: Green REIT has made a €43.1m (£34.2) profit during its first year in operation.
The company, Ireland’s first REIT, has either bought or committed to invest €749m since its IPO on the London and Dublin Stock Exchanges in July last year.
Green REIT now has €322m to invest in new properties, and is in “advanced” talks to take on new debt facilities of up to €300m, according to preliminary results covering the period 24 June 2013 to 30 June 2014. Its loan-to-value ratio stands at 9.2%.
The REIT’s 17-strong portfolio, which brings in an annual rent roll of €28.5m, is concentrated on Dublin offices, which make up 75% of the portfolio.
The portfolio’s income yield is 7%. NAV per share stands at 109.1 cents.
Gary Kennedy, chairman of Green REIT, said: “Green REIT’s first 12 months have been characterised by momentum, in which we have successfully assembled our current portfolio of property assets. The real estate market is recovering at a steady pace alongside the general improvement in the Irish economy, but particularly in Dublin where 90% of our assets by value are located.
“We are well below our target loan-to-value ratio of 35% and therefore have headroom of a further €322m to invest in both new opportunities and our existing assets.”
sophia.furber@estatesgazette.com
