LONDON (Alliance News) - Irish commercial property investor Green REIT PLC on Monday said its lettings secured in the second half have increased its annual rental income, while it also agreed the renegotiation of its leasing agreement with its fourth-largest tenant.
The company said the lettings it has completed in the second half of 2015 so far have increased its annual rental income by EUR1.0 million and cut its overall vacancy rate to 1.0% from 2.0%. In addition, rental rates have outperformed the wider market, the company said.
In addition, Green REIT has completed the renegotiation of its lease with Pioneer Investments Ltd, its fourth-largest tenant by passing rent. Pioneer is a unit of UniCredit SpA, the Italian bank.
It is also moving forward on four of its five development projects, with the fifth set to start in early 2016.
"We look forward to continuing to drive value for shareholders through the range of asset management and development initiatives across the portfolio, while maintaining a prudent level of gearing. We are happy to be on site at four of our five development projects and believe that these represent a strong opportunity to drive shareholder value over the medium term," said Gary Kennedy, Green REIT's chairman.
Shares in Green REIT were untraded on Monday morning, having last traded at EUR1.54.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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