Green REIT Plc said it’s seeking to raise about 200 million euros ($260 million) in an initial public offering and would become Ireland’s first real estate investment trust.
Green REIT will mostly own commercial real estate in the Irish capital, the company said in a statement today. The company’s management will seek shareholder returns of 10 percent to 15 percent a year when fully invested, according to the statement. The shares would be listed on the London and Irish stock exchanges.
“The establishment of Ireland’s first REIT is positive for the Irish commercial-property market, providing stability with long-term capital, and represents a significant commitment to Ireland by an established team,” Gary Kennedy, chairman of Green REIT, said in the statement.
Green REIT said its sole investment manager will be Green Property REIT Ventures Ltd., which is led by Stephen Vernon and Pat Gunne. Vernon was managing director of Green Property Plc from 1993 until it was bought 2002, and he has since been chairman of the closely held company, according to the statement.
Green REIT will begin trading on July 18, according to the statement.
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