Green REIT’s profits have slowed as capital values level off in Ireland, its latest six months results have shown.
The Irish property investment company’s profits fell from £58m over the six months to 31 December 2014, to £52.4m over the same period last year.
Capital values grew by 6.8% between June and December 2015, compared to 9.7% over the previous six month period.
Across its £800m portfolio, rental income increased by 50% year-on-year on its 100%-owned properties, growing from £12.6m to £18.9m.
Green REIT’s development programme includes four sites in Dublin, including One Molesworth Street, 32 Molesworth Street, Horizon Logistics Park and a 150,000 sq ft shed in Central Park.
Green REIT chairman Gary Kennedy said: “The execution of our investment strategy continues to deliver shareholder returns. The company has secure income, prime assets, a strong balance sheet and a proven management team.
“The board is confident that the continued implementation of our asset management and development strategy, against the favourable backdrop of a strong commercial property market and supportive Irish macroeconomic fundamentals, will deliver further shareholder returns in line with our target.
“We look forward to the year ahead with confidence.”
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