Green REIT, Ireland's first real estate investment trust, has raised over 鈧�100 mln above its original 鈧�200 mln target in a listing on the Irish stock exchange.
Green REIT, Ireland's first real estate investment trust, has raised over 鈧�100 mln above its original 鈧�200 mln target in a listing on the Irish stock exchange.
Green REIT raised a total of 鈧�310 mln in the offering which saw the company's managers, Stephen Vernon, Pat Gunne, Mark Munro, Paul Culhane and Jim McKenna all subscribe for shares.
The company placed a total of 310 million shares at a price of 鈧�1.00 per share. The stock is due to start trading on 18 July.
J & E Davy and JP Morgan Securities acted as joint bookrunners to the issue. Investec Capital & Investments together with Davy and JP Morgan Cazenove acted as co-lead manager.
'The establishment of Ireland鈥檚 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 last month in a statement to announce the offering.
Green REITsaid its sole investment manager will be Green Property REIT Ventures, which is led by Stephen Vernon and Pat Gunne.
