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New Irish REIT aims to raise E200m

Friday, April 04 12:45:41

Irish Residential Properties REIT (IRPR) plans to float on the Dublin stock exchange, becoming the third such real estate investment trust to launch in the last year as Ireland's property market stabilises.

IRPR, with a portfolio of 338 residential units in the greater Dublin area valued at 45.5 million euros, aims to raise 200 million euros in the listing, it said in a statement today.

It would follow the listings last year of Green REIT and Hibernia REIT on the Irish market after the government made changes to permit the establishment of REITS, which allow investors to own property via a company rather than being direct landlords.

Irish property prices are rising again, after plunging by around 50 percent when a credit-fuelled real estate bubble burst, wreaking havoc on the country's banks and pushing the country into the EU/IMF bailout, which it left last year.

Irish house prices rose by 0.1 percent month-on-month in February and were 8.1 percent higher than a year ago.