Green Reit puts itself up for sale – the group’s portfolio is worth €1.5bn

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Green Reit puts itself up for sale – the group’s portfolio is worth €1.5bn


Judge Paula Murphy gave Patrick O’Neill a two-month suspended sentence, banned him from driving for four years and fined him €250. Stock photo: Depositphotos
Judge Paula Murphy gave Patrick O’Neill a two-month suspended sentence, banned him from driving for four years and fined him €250. Stock photo: Depositphotos

Dublin-listed Green Reit has put itself up for sale.

The decision was made following “a comprehensive and carefully considered review of the strategic options open to the company.”

Green Reit has a €1.48bn portfolio of office and logistics assets, 95pc of which is in Dublin.

It earns €75.5m in rent each year.

The board said that the structural discount in the company’s share price relative to its net asset value per share persists and this is “at the core” of its decision to focus on the sale of the company or its portfolio of assets.

Green Reit’s chairman Gary Kennedy said: “Green REIT owns one of the rare prime office and logistics portfolios of scale in Ireland, underpinned by strong tenants and a supportive market and macro environment.”

“Notwithstanding this, the company’s share price has been subject to a material and persistent structural discount to its net asset value per share for over three years now. “

“Our primary responsibility as a board is to deliver shareholder value. Given this imperative and following detailed analysis and due consideration, we have decided to focus on the sale of the company or its portfolio of assets. It is the board’s view that this is demonstrably in the best interests of our shareholders.”

Green Reit has a number of commercial properties in Dublin and Cork, including Central Park in Leopardstown, Fitzwilliam Hall, in Dublin 2, and One Albert Quay in Cork city.

Stephen Vernon and Pat Gunne, co-founders of Green Reit, said they will not be looking to acquire the business.

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