Real estate investment trust launched

The first real estate investment trust will be launched on the Irish Stock Exchange today in an effort to boost liquidity for the commercial property market.

Green Real Estate Investment Trust has attracted over €300m from a mix of international and domestic investors.

“[The] international institutional investor interest in Green Real Estate Investment Trust supports our belief that there is a compelling opportunity within certain sectors of the Irish commercial property market for a well-capitalised investor with experienced management and long-term investment objectives,” said the company’s non-executive director Stephen Vernon.

A real estate investment trust is a publicly listed company that is traded on an exchange and enables shareholders to gain direct exposure to the ownership and management of properties.

Michael Noonan, the finance minister, said: “The establishment of Green Real Estate Investment Trust follows on from legislation I introduced in Budget 2013 providing a tax framework for real estate investment trusts in Ireland. It is great to see such a quick and ambitious reaction from an Irish company, led by Stephen Vernon and Pat Gunne of Green Real Estate Investment Trust and the positive response by investors.”