REIT Watch: Green REIT Planning €200 Million Dublin IPO
**Ireland**
**Green REIT Eyes €200 million Dublin IPO**
iNVEZZ.com Wednesday, June 26: Green Property, the owner of Dublin’s Blanchardstown shopping centre, has launched Ireland’s first real estate investment trust and intends to float it on the Irish stock exchange in an attempt to raise about €200 million (₤170 million).
“The establishment of Ireland’s 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 in a statement today.
Green REIT will have a portfolio of commercial properties in Dublin and will consider investing in cities such as Cork, Galway and Limerick. Green Property’s chairman Stephen Vernon and managing director Pat Gunne will invest a total of €10 million (₤8.5 million) in the new REIT and will retain their shareholdings for at least three years.
“By establishing the company during the current cyclical weakness in the Irish real estate market, the board believes the company will give shareholders the opportunity to take advantage of the re-pricing of assets that has occurred within the company’s target categories of investment properties,” Green REIT said.
In accordance with Irish regulations, Green REIT will have to distribute 85 percent of its property income to shareholders each year.
**United States**
**Ramco-Gershenson Properties Trust Acquires Texas Shopping Centre**
Ramco-Gershenson Properties Trust, a real estate investment trust based in Michigan, has acquired the Mount Prospect Plaza, a 301,000 sq. ft. shopping centre in the Chicago area. The REIT paid Boston-based Pension Reserves Investment Trust (PRIT) $36.1 million (₤23.5 million), less than what the estate sold for eight years ago. The property is 85 percent leased, meaning it still has about 45,000 sq. ft. to be occupied.
“Mount Prospect satisfies all of our acquisition criteria including a superior demographic profile, a compelling roster of national creditworthy tenants, and the potential to drive additional value,” Dennis Gershenson, Ramco’s chief executive, said in a statement yesterday.
**KBS REIT III Boosts Town Center’s Occupancy Rate to 97% with New Leases**
!m[Ramco REIT Buys Texas Shopping Centre for $36.1 Million](/uploads/story/3421/thumbs/pic1_inline.jpg)
KBS REIT III, a California-based public non-traded real estate investment trust, announced yesterday that Town Center had signed leases for an additional 19,548 sq. ft., bringing the occupancy rate to 97 percent. The property is located in Plano, Texas and has a gross leasable area of 522,043 sq. ft.
Since acquiring the retail centre on March 27, 2012, KBS REIT III has carried out a series of improvements
on the property, including upgraded landscaping, lobby renovations and the addition of tenant amenities.
“The goal has been to elevate the tenant experience and enhance the quality of this unique asset,” Ken Robertson, senior vice president of the REIT’s manager KBS Realty Advisors, said in a statement. “Our active asset management, coupled with key renovations, led to an increase in inquiries and signed lease agreements.”
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