REIT Watch: Green REIT Soars in Market Debut
**Ireland**
**Green REIT Shares Surge in Debut Trading**
iNVEZZ.com Thursday July 18th: Green REIT, the first Irish real estate investment trust, saw its shares surge by eight percent to €1.08 on the first day of trading in Dublin today.
The REIT, currently a cash shell, raised €310 million (₤267 million) through its initial public offering. “Essentially, Green REIT is a play on a property recovery in the Irish economy and management expertise to identify and extract value from this recovery,” Dermot O’Leary, chief economist at Goodbody Stockbrokers, said in a note.
Green REIT is planning to focus on investing in commercial property in Dublin, Stephen Vernon, a non-executive director, said this week. About €610 million (₤525 million) of property deals were struck in Ireland in the first half of the year, topping the total recorded for 2012. “The Dublin commercial property market has attracted significant interest from international investors over the past twelve months,” O’Leary added.
**United States**
**Spirit Realty Capital and Cole Credit Property Trust II Complete $7.4 Billion Merger**
Spirit Realty Capital and Cole Credit Property Trust II announced yesterday that they had completed their $7.4 billion (₤4.86 billion) merger. The combined real estate investment trust will operate under the management of Spirit and will use the existing “SRC” stock symbol, starting today.
The REIT has a portfolio of some 1,900 properties across 48 states – one of the largest publicly-traded net-lease REITs in the U.S. “The new company’s diversified portfolio and flexible balance sheet will enable us to capitalize on a range of future opportunities, including both organic direct portfolio acquisitions and strategic transactions.,” Spirit’s chairman and chief executive Thomas Nolan said in a company statement.
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**Canada**
**Crombie REIT to Pay C$0.07417 in July Dividend**
Crombie REIT, a real estate investment trust with a portfolio of retail, office and mixed-use properties in Canada, announced today that it would distribute a dividend of C$0.07417 for July. The payment will be made on August 15 to shareholders of record as at July 31.
**Granite REIT Announces C$0.175 in July Dividend**
Granite REIT, a real estate investment trust investing in industrial properties in North America and Europe, said yesterday that it would distribute a dividend of C$0.175 per share for July. The payment will be made on August 15 to shareholders of record at the close of trading on July 31.
**Green REIT’s share price was €1.08 as of 18.07.2013, 15.13 BST.**
**Crombie REIT’s share price was C$13.57 as of 18.07.2013, 15.13 BST.**
**Granite REIT’s share price was C$36.61 as of 18.07.2013, 15.13 BST.**
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