Green Reit Agrees €1.3 Billion Sale as Irish Commercial Property Market Cools

Green Reit, Ireland’s first real estate investment trust, is to be sold to London-based property investment group Henderson Park in a €1.34bn deal that underlines the slowdown in the country’s commercial property market after a period of strong growth, the Financial Times reported. Green was floated six years ago as a recovery began in the Irish property market, which had been knocked by the financial crash of 2008. It has increased its real estate portfolio to a value of €1.48bn, predominantly based in Dublin, but its owners have been frustrated that its shares have traded at a perceived discount to the value of its assets for the past three years. “Green Reit has been trading at a persistent structural discount to its underlying net asset value since early 2016,” said Gary Kennedy, chairman of the group. Read more

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