It is understood that the company’s current funding levels will be sufficient to cover future asset purchases.
Last December, the trust announced a four-year revolving credit facility, with Barclays Bank Ireland, worth an initial €150m, but with the capacity to grow to as much as €290m if necessary.
A share offering, in May of last year, also raised around €385m. The Barclays money was used to acquire the One Albert Quay property in Cork, earlier this year, and will also go towards further acquisitions.
In its latest trading update, published yesterday, Green REIT said part of its primary focus will be on “selectively acquiring further assets that fit the company’s investment policy and which are accretive to NAV [net asst value] per share.”
The company also noted that lettings completed since the beginning of July have increased annual rental income by €1m and reduced overall vacancy rates, in the company’s portfolio, from 2% to 1%.
We are happy to be on site at four of our five development projects and believe that these represent a strong opportunity to drive shareholder value over the medium term,” said chairman, Gary Kennedy.
Indeed, the development side of Green REIT’s activity is progressing with the company saying it plans to begin marketing three flagship premises in Dublin city centre.
“We are making good progress against a backdrop of rising rents and our focus continues to be on delivering as early as possible into the development cycle to reduce our exposure to rising construction costs,” added CEO, Pat Gunne.