Irish property investment firm Green Reit yesterday reported a 264% increase in profit and signalled its intent to pull back from further acquisitions in the coming year.

Property investment fund Green Reit is eyeing the soon-to-be gem of the Cork office market having entered exclusive negotiations to acquire One Albert Quay.

Property investment fund Green REIT will next month pay a maiden dividend to shareholders covering its first year in existence.

Irish convenience foods producer, Greencore is on course to meet financial targets this year, having seen group revenues rise over 4% in the first quarter of its current financial year.

Property investment fund Green REIT will “shortly” put in place fresh funding of €150m, with scope to increase that amount.

Property investment fund Green REIT is expected to secure a new debt facility of €100m to €200m with its lenders over the next month-and-a-half.

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.

ONE of the first firms to avail of real estate investment trust legislation introduced by Finance Minister Michael Noonan in the budget, Green REIT, has concluded its acquisition of Nama’s biggest prize — Central Park, Dublin, for €311.5m.

Ireland’s first property investment trust Green REIT has bought five Dublin-based properties from Danske Bank for €23m, significantly boosting its asset portfolio.

Greencore is to adopta “two-pronged approach” of organic and acquisition-led growth in its US operations, telling shareholders yesterday that the prospects in that market are so strong that no opportunity can be ignored.

A girl who suffered severe internal injuries after being crushed by a car had to wait 30 minutes for an ambulance to arrive.

A new company looking for investment opportunities in Irish commercial property will list on the Irish and London stock exchanges next month.

Greencore’s new chairman has defended the high executive pay levels at the food group by saying the business has to compete with its peers in order to retain top talent.

THE disclosure that six members of staff at the former Anglo Irish Bank are on packages of €500k-plus could not come at a worse time for the Government or IBRC.

M&T Bank, in which AIB has a 22% stake, has reported net profits of $782 million (€645m) for 2005.

Ian Guider

AIB Bank has appointed John O’Donnell as its new group finance director.

GARY KENNEDY is stepping down as finance director of AIB.

Pharmaceutical company Elan has appointed five new members to the company's board of directors.

THE four executive directors of AIB received a 21% hike in salaries and bonuses last year to over €4 million, according to the bank’s annual report for 2004, which was sent to shareholders yesterday.

THE four executive directors of AIB received a 21% hike in salaries and bonuses last year to over €4 million, according to the bank’s annual report for 2004.

INTERNAL disciplinary action may be taken against AIB employees believed to have been named in the Deloitte probe into the €34 million foreign exchange overcharging scandal.

MICHAEL BUCKLEY, the Corkman who heads AIB, saw a massive 48% rise in his pay packet in 2003 to almost €1.4 million, the bank’s annual report reveals.

AIB Group, the country’s leading bank, said that the strengthening of the euro will result in lower than previously expected profits in the current financial year.

Scoil Ruane, Killenaule 3-9