April 15, 2019 / 6:50 AM / 2 months ago

Ireland's Green REIT real estate fund puts self up for sale

DUBLIN, April 15 (Reuters) - Ireland’s first real estate investment trust, Green REIT, which has assets of 1.5 billion euros ($1.7 billion), is putting itself up for sale in a bid to maximise value for shareholders.

The firm, which listed on the Irish stock market in 2013 and focuses on office properties in the Dublin area, said on Monday the sales process would begin immediately with J.P. Morgan Cazenove as lead financial adviser.

“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,” Chairman Gary Kennedy said in a statement.

“Following detailed analysis and due consideration, we have decided to focus on the sale of the company or its portfolio of assets.”

$1 = 0.8843 euros Reporting by Conor Humphries; editing by John Stonestreet

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