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It has been announced that WK Nowlan and Willett Companies, a New York-based property investment firm, are to launch Ireland’s second REIT.
It is believed that the two firms have hired Goodbody stock brokers to raise €300m for the REIT, which could begin trading on stock markets before the end of September.
Hannah Dwyer, Head of Research said that “news that a second REIT is to be launched is another positive story for the Irish property market recovery. The establishment of 2 REITS in the last few weeks, and news that further REITs may follow is a considerable endorsement of the Irish property market, and highlights a return in confidence in the sector”.
Hannah also added that “We are aware of €6bn of capital looking to invest in Irish property at the moment, with investors from across the globe looking to avail of the perceived high returns. The REITs are looking to capitalise on market recovery whilst values have bottomed and the first signs of growth are emerging. There are a number of investors who are being out-bid on prime assets, and REITs give smaller investors an opportunity to buy into a portfolio along with other pools of investors to strongly compete for investments coming onto the market”.
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