16th May 2014 10:05
LONDON (Alliance News) - Green REIT PLC Friday said its portfolio now consists of 16 investment properties, after it made two acquisitions so far in 2014.
The real estate investment trust said Friday it acquired its second portfolio of commercial real estate assets from Danske Bank Ireland for EUR22.1 million. The portfolio is made up of five properties with a total rent roll of EUR1.4 million a year.
In March, Green REIT's joint venture with LVS II CP Investor, The Central Park Limited Partnership, also exchanged contracts to acquire a portfolio of commercial and residential real estate in Dublin for EUR311.5 million. The portfolio consists of five office blocks and a retail building.
Following the company's initial capital raise in July 2013, Green REIT recently successfully completed a second capital raising.
"Net proceeds of approximately EUR385 million were raised in the period, and Green REIT now has a stronger balance sheet to take advantage of investment opportunities presented by an increasingly active Irish commercial property market," it said.
Looking ahead, the firm said it has the capital to fund further acquisitions in Ireland.
Green REIT shares were quoted flat to marginally lower at EUR1.24 Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
GRN.L