Green REIT sees Brexit bounce for Dublin market

Green REIT, the publicly-quoted property investment fund, is confident that US companies will remain interested in taking up vacant office space in Ireland, despite potential policy changes by the Trump administration.

The company yesterday reported a positive set of interim results for the six months to the end of December. While first-half profits were down nearly 35% to €43.7m, net asset value rose 4.2% and the firm saw a 6.2% rise in contracted annual rent from 21 properties to the tune of €65.1m.

Furthermore, management said Dublin can benefit from Brexit and foreign direct investment can still flow in from the US despite the change in the White House.

“The potential impact from Brexit on both the Irish economy and Irish commercial real estate is still to be determined, with the general expectation being that export-led sectors are likely to be most adversely affected, with Dublin offices a potential beneficiary,” said chairman Gary Kennedy.

“While we have not seen many Brexit-related relocations or expansions in the Dublin office market to date, the view of some market commentators is that these are likely to be seen from the second quarter of this year,” he said.

Regarding the impact of possible policy changes in the US, Mr Kennedy said: “The potential impact of US policy changes on Ireland and on foreign direct investment in Ireland, in particular, is too early to call in our view; we do, however, continue to see positive sentiment from US office occupiers.

The company notes that prospects for the Dublin office market arising from Brexit are improving all the time,” said Davy Stockbrokers.

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