Green REIT plc joins the ISE raising more than €300m
The ISE welcomes Green REIT plc (“Green REIT”) to listing on the Main Securities Market (MSM).
Green REIT is the first REIT (real-estate investment trust) to be launched in Ireland and is the first REIT to be listed and traded on the ISE. It will be traded under the ticker GN1 and is included in relevant ISEQ indices.
Green REIT has raised more than €300m as part of its admission to the Irish market.
The Company’s stated strategy is to create a property portfolio consisting primarily of commercial property in Ireland to deliver income and capital growth through opportunistic investments, active property management and prudent use of debt finance.
Aileen O’Donoghue, ISE Director of Strategy said, “We are delighted to see Green REIT join the Main Securities Market of the ISE. The ISE has long supported the introduction of REITs in Ireland, and it is encouraging to see Green REIT come to the market so soon after the introduction of REITs legislation in Ireland and the publication of the ISE’s Listing Rules on REITs.”
Stephen Vernon, Non-Executive Director of Green REIT plc, said, “We have raised in excess of €300 million and this strong, international institutional investor interest in Green REIT supports our belief that there is a compelling opportunity within certain sectors of the Irish commercial property market for a well-capitalised investor with experienced management and long-term investment objectives.
We are also pleased to be joining the Irish Stock Exchange. We would like to recognise the efforts of the ISE in the introduction of REIT legislation in Ireland; and, record our appreciation for their support in the admission of Green REIT plc to the market.”
Davy is acting as equity sponsor to Green REIT.
A REIT is a public listed company which has as its main activity the ownership and management of property-related assets such as retail units, office space or industrial units and warehouses. REITs are quoted on stock exchanges and can be bought and sold like shares. The acronym REIT stands for Real Estate Investment Trust.