Green REIT Reports 2% Rise in Rental Income and 6% Rise in Property Value - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 26/02/2019

Green REIT Reports 2% Rise in Rental Income and 6% Rise in Property Value

CNI Editor reports

Real estate investment trust company Green Reit has reported a 2pc rise in rental income to €34.4m in the six months to 31 December 2018.

In its interim results statement today, the group said its total property value had increased 4pc to €1.48bn in the six months to 31 December, from €1.42bn at 30 June 2018.

The group’s EPRA net asset value, that is its net asset value per share, increased 2.2pc to €1.83 per share.

However, profit for the six month period fell by 14pc to €45.6m.

Reits are a special type of company, they can only invest in property but benefit from reduced taxation – including not having to pay corporation tax on rental profits or the standard capital gains on asset sales.

Pat Gunne, CEO of Green Property Reit Ventures, said: “The quality of our portfolio has never been stronger, and we continue to exploit value-accretive opportunities in both logistics and offices, through our active asset management and development programmes.”

“The market remains supportive of our strategy, with prevailing values well-underpinned by healthy overseas and domestic demand for prime Irish commercial real estate.”