LONDON (Alliance News) - Irish property investor Green REIT PLC said on Tuesday its net asset value rose in its recently ended financial year, with completed developments adding to rent.
The company saw a total return of 13.4% for the year ended June 30 as its net asset value rose by 8.8% to EUR1.25 billion from EUR1.15 billion the year before on the completion of two properties in Dublin.
Net rental income saw an increase to EUR65.4 million from EUR58.0 million.
Green REIT made two acquisitions during the year, being additional lands at Horizon Logistics Park in Dublin, and a 40% interest in Mount Street, adding EUR13.5 million to June 30 valuations. There were two disposals during the period, of residential units in Tallaght and Westend Retail Park in Dublin, collectively for EUR158.1 million.
As a result, the portfolio's total valuation rose by 16% to EUR1.42 billion from EUR1.38 billion.
The company has proposed a dividend of 5.3 euro cents per share, up 6.0% from 5.0 cents the year before.
Green REIT said that Ireland is continuing to experience economic outperformance, with core domestic demand growth expected to be up 4.8% in 2018, accelerating from 2.6% in 2017.
"Our strategic focus continues to be on driving risk adjusted returns for shareholders. This has been another year of strong contributions from our development schemes both to NAV and to the income base which drives our dividends. We have further reweighted the portfolio towards our key sectors of offices and logistics, through effective capital recycling, and we look forward to creating additional value by capturing the development potential at Central Park and Horizon Logistics Park," said Chairman Gary Kennedy.
Shares in Green REIT were up 1.9% at EUR1.59 on Tuesday.