Green REIT plans to raise €400m

Green REIT plans to raise €400m through a share placement to take advantage of further investment opportunities in the commercial property market.

The firm announced yesterday that it will issue 356,969,696 new ordinary shares at €1.12 per share, which is a 5.5% discount on its closing price on Thursday. It hopes to raise €385m net of expenses, the company said in a statement.

“The management team, led by Stephen Vernon and Pat Gunne, focuses on creating both sustainable income and strong capital returns for the group with a target total shareholder return of 10% to 15% per annum (pre-taxation), both when the original net proceeds are fully invested and when the net proceeds are fully invested,” it added.