Green Reit raises €100m above target

The Republic’s first real-estate investment trust (Reit) has raised more than €100 million above its original €200 million target.

Green Reit plc, whose shares will begin trading on the Irish Stock Exchange on July 18th, said yesterday it had raised €310 million from investors including its managers and financial institutions.

The trust originally targeted €200 million when it formally announced its plans last month. According to a statement, its managers, Stephen Vernon, Pat Gunne, Mark Munro, Paul Culhane and Jim McKenna all subscribed for shares.

In addition, the €310 million included almost €10 million indirectly invested by management through Green Property Holdings Ltd.

Investors, including Green Property Holdings, have subscribed for a total of 310 million shares at €1 each.

The trust intends to cash in on what its promoters see as demand for offices and commercial buildings in central Dublin and other Irish cities.

Green Property Reit Ventures, chaired by Green Property’s Stephen Vernon, will manage the trust.