Green REIT has released its first set of interim results covering the period from when it was incorporated on 24 June 2013 to 31 December 2013. GRN raised €310m in July and by the end of the year invested €214m of that, another €10m was lost to the expenses of raising the money.
The EPRA NAV at the end of December was €0.967.
The €191m of deals completed by the year end had passing rent of €17.3m, equivalent to an initial yield of 9%. Occupancy in the portfolio was 88%.
The portfolio is split across: offices 53% (including Fitzwilliam Hall, Dublin, pictured), retail 28%, industrial 10% and others 9%. It also includes 112 acres of land at Dublin airport and two Dublin city centre redevelopment opportunities. The €23m of deals not completed at the year end comprise 5 Dublin city centre properties with passing rent of €1.4m and redevelopment potential.
GRN also confirmed that they are still the preferred bidder on a portfolio being sold by NAMA (Central Park).