LONDON (Alliance News) - Green REIT PLC has decided to sell the company and its assets following a strategic review, it said on Monday.
Green REIT said despite "a strong conviction" in the value of its assets, the discount of its share price relative to net asset value persists, meaning a sales process has begun straight away.
Chair Gary Kennedy said: "Green REIT owns one of the rare prime office and logistics portfolios of scale in Ireland, underpinned by strong tenants and a supportive market and macro environment."
"Notwithstanding this, the company's share price has been subject to a material and persistent structural discount to its net asset value per share for over three years now. Our primary responsibility as a board is to deliver shareholder value," Kennedy continued.
"Given this imperative and following detailed analysis and due consideration, we have decided to focus on the sale of the company or its portfolio of assets. It is the board's view this is demonstrably in the best interests of our shareholders."
At the end of December, halfway through its financial year, EPRA net asset value was EUR1.83 per share, with the stock up 6.4% on Monday at midday at EUR1.62.
Green REIT has appointed JPMorgan Cazenove as its lead financial advisor, and any party wanting to take part in the sales process will likely sign a non-disclosure agreement with Green REIT.
