Tag Archives: estate

JOHN MULLIGAN – 13 JULY 2013 Ireland’s first Real Estate Investment Trust (REIT) has raised €310m after strong international interest in the property investment vehicle led to it being significantly over-subscribed. The REIT backed by executives at Green Property received a major endorsement from US-headquartered global investment group Pimco , which, through a vehicle it controls in Luxembourg , has taken a 10pc stake in the REIT. Pimco has over $2 trillion (€1.5trn) of assets under management. The Green REIT – due to float on the Irish Stock Exchange next Wednesday – will primarily target investment property in south Dublin. Green Property executives backing the REIT – including the firm’s chairman Stephen Vernon and chief executive Pat Gunne – had hoped to raise €200m for the investment vehicle. They and other Green Property top brass are stuffing a total of €10m of their own money into the REIT. Green Property owns the Blanchardstown Shopping Centre in Dublin and has been a canny player in the property market, offloading some valuable assets before the market imploded. The REIT is the first to be launched in Ireland and comes on the heels of changes made this year to legislation in the Finance Act. It’s also the first such vehicle to be listed on the stock exchange. Gary Kennedy, the chairman of the REIT, said the fundraising was a “strong endorsement” of investors’ confidence in the Green Property management team and their track record. “It also highlights the opportunity evident in the sectors of the Irish commercial property market that Green REIT is targeting,” he said. Irish Independent Continue reading →