merrion street

Check against delivery

· I am delighted to be here in the Irish Stock Exchange this morning ahead of the expected listing on the Official List of the Irish Stock Exchange and the Official List of the UK Listing Authority of Ireland’s first Real Estate Investment Trust - Green REIT plc.

· The establishment of Green REIT follows on from legislation I introduced in Budget 2013 providing a tax framework for REITs in Ireland. It is great to see such a quick and ambitious reaction from an Irish Company led by Stephen Vernon and Pat Gunne of Green REIT and the positive response by investors.

· A functioning and sustainable development and construction sector is a feature of every modern economy and is a key driver of jobs and growth across the country.

· I have introduced a number of supply side initiatives in recent years to support this sector’s recovery and there are real signs of life starting to return – particularly in the commercial property side in Dublin and other Cities.

· REITs are the latest initiative and they are a globally recognised structure to attract investment - REITs exist in 35 countries world-wide and in 13 countries in Europe and allow investors to finance rental property investments in a risk diversified manner.

· The establishment of Green REIT and the rising level of activity and interest in the commercial property market is a further indication that the range of initiatives this Government has introduced are contributing to the stabilisation and recovery of the property sector in Ireland.

· The Construction industry has had a very difficult time since 2007 and attracting investment into the property and development sector is essential to get many of our highly qualified and skilled tradesmen back to work.

· I am sure as Green REIT begins to invest in commercial properties this will create jobs as buildings are finished, fitted out and developed to suit the needs of new clients.

· It was great to see the strong international institutional investor interest in Green REIT with demand exceeding initial expectation with over €300 million raised from investors. This demonstrates confidence in Green REIT, the Irish Economy and the Irish commercial property market.

· I wish you every success and I hope that the success of this launch will encourage further investors into Ireland.