Property fund Green REIT has €320m war chest for investments

Green REIT is in advanced talks with its lenders on additional debt funding, but already has a war chest of more than €320m to invest in further opportunities.

Green — one of the new breed of property investment funds to have floated in the past year — yesterday issued its maiden set of annual results, which showed a net profit of €43.1m; earnings per share of 12.4c and net asset value of €727.8m. The company added that its property portfolio value is already 14.2% up on purchase price.

Some 90% of Green REIT’s portfolio is comprised of Dublin-based offices and combined occupancy rate amounts to the same percentage. Current annual rental income amounts to €28.5m per annum.