24 May 2017 07:00
Investment Manager Agreement Update
Dublin, 24 May, 2017 | Green REIT Plc, ("Green REIT", or "the Company"), confirms that the Investment Manager Agreement in place with Green Property REIT Ventures DAC since the launch of the Company in July 2013 will be renewed in July 2018, on the same terms, for a further three year renewal period (please see explanatory note below).
Gary Kennedy, Chairman of Green REIT, commented: "We are pleased to confirm the continuation of the Investment Manager Agreement for a further three years beyond July 2018, and we welcome the certainty that this brings. The board looks forward to continuing to work with the management team to add further value for shareholders through the completion of the current development pipeline, growing our income and dividends, and exploiting further opportunities that arise in the coming years."
Contacts
Green Property REIT Ventures (Investment Manager to the Company)
Niall O'Buachalla
+353 (0) 1 2418400
www.greenreitplc.com
FTI Consulting (IR and PR to the Company)
Dublin: Jonathan Neilan
+353 (0) 1 7650886
London: Giles Barrie / Claire Turvey
+44 (0)20 3727 1042/1241
greenreit@fticonsulting.com
About the Investment Manager Agreement
Green REIT Plc entered into the Investor Management Agreement ("IMA") with Green Property REIT Ventures DAC ("the Investment Manager") on 12 July 2013. The Investment Manager provides asset management services to the Company and manages its property portfolio on a day-to-day basis.
The initial term of the IMA was 5 years to 11 July 2018. The IMA further provides that in the absence of notice of termination of the IMA, which notice can be given by either party no less than 12 months before the expiry of the initial term, the IMA continues in force thereafter on the same terms for consecutive 3 year renewal periods. Once within a renewal period either party can give notice to terminate the IMA at the end of that renewal period, with not less than 12 months' notice.
As both the Company and the Investment Manager have confirmed to each other that they will not be serving notice of termination of the IMA, it will continue in force for a 3 year renewal period, as explained above.
Note on forward-looking information
This Announcement contains forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. The Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority.