Investment fund Green Reit 'pleased' with levels of takeover interest

Investment fund Green Reit 'pleased' with levels of takeover interest

Property investment fund Green Reit has said it is "pleased" with how its sales process is progressing and with the level of interest shown in the business and its assets.

The likes of Irish Life and Kennedy Wilson have been mentioned as possible bidders. It is understood that the closing date for the second round of bids is July 25.

Green Reit put itself up for sale in April, sparking debate about the outlook for the Irish commercial property market. The company owns Cork office complex One Albert Quay, a number of prime office locations in Dublin, and a major logistics facility at Dublin Airport.

The company said a sale would be the best way of securing value for shareholders with its share price having trailed the true net value of its properties.

"We are pleased with how the sale process, announced by the board in April, is progressing and the level of interest expressed to date," chairman Gary Kennedy said.

In its latest trading update, Green Reit said its contracted rent roll had risen by over 5% in the first half of this year to €79.4m. When rental income from lettings with terms agreed and in advanced discussions are included, rent roll has increased to €83.3m, from €75.5m at the end of last year.

“The leasing success achieved to date in 2019 demonstrates the high quality of our portfolio and the very supportive backdrop of the market, which in quarter one of 2019 witnessed a new record level of take-up in the Dublin office market. Combined with the sustained low interest rate environment, the operating environment remains strong across both the occupier and capital markets,” Mr Kennedy said.

The company has made no acquisitions and no disposals since the turn of the year.

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