Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Ireland's Green REIT real estate fund sells for 1.34 billion euros

Published 14/08/2019, 08:42
Updated 14/08/2019, 08:45
© Reuters.  Ireland's Green REIT real estate fund sells for 1.34 billion euros

© Reuters. Ireland's Green REIT real estate fund sells for 1.34 billion euros

DUBLIN (Reuters) - UK-based real estate firm Henderson Park is to buy Irish commercial property investment trust Green REIT (I:GN1) in a deal that values the firm at 1.34 billion euros (£1.24 billion), a 25% premium to its share price before the sales process kicked off in April.

The Irish company, which joined the stock market in 2013, was the first of a wave of real estate investment trusts set up as Ireland's property market began to recover after the country's real estate crash.

Green REIT put itself up for sale in April because its shares were trading at a discount to the value of its property portfolio.

Henderson Park has agreed to pay 1.9135 euros in cash for each Green REIT share, a 25% premium to Green REIT's closing share price of 1.53 euro on April 12, the two firms said in a statement on Wednesday.

"The acquisition of Green REIT offers a rare opportunity to invest in a large institutional quality office portfolio and a strategic logistics park through a single transaction," said Nick Weber, chief executive of Henderson Park, who founded the company in 2016.

"We believe in the short-term and long-term prospects of the Irish market with its strong macroeconomic backdrop and underlying real estate fundamentals," he said.

Green REIT did not reveal the identity of the other bidders in the sale. The Sunday Times had reported in June that Great-West Lifeco (TO:GWO) owned Irish Life and Kennedy Wilson (N:KW) were in the running.

The acquisition is conditional on approval by Green REIT shareholders.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.