Green REIT puts itself up for sale

Dublin-listed property investor Green REIT has put itself up for sale following “a comprehensive and carefully considered review of the strategic options open to the company.” The company, which is managed by Green REIT Property Ventures, has a €1.48bn portfolio of office and logistics assets, 95% of which is in Dublin. Stephen Vernon and Pat Gunne, co-founders of Green REIT Property Venture, have ruled themselves out of making an offer for the company or working with a third party to make an offer. Commenting on the decision, Green REIT chairman Gary Kennedy said: “Green REIT owns one of the rare prime office and logistics portfolios of scale in Ireland, underpinned by strong tenants and a supportive market and macro environment. Notwithstanding this, the company’s share price has been subject to a material and persistent structural discount to its net asset value per share for over three years now. “Our primary responsibility as a board is to deliver shareholder value. Given this imperative and following detailed analysis and due consideration, we have decided to focus on the sale of the company or its portfolio of assets. It is the board’s view that this is demonstrably in the best interests of our shareholders.”