blind pool, commercial property, Franklin Templeton, Green Property, Green Property Ventures, Green REIT, GRN, IPO, Ireland, Irish property, Irish shares, Irish value investing, NAMA, NAV premium, Pat Gunne, Paulson & Co, Pimco, Stephen Vernon, The Great Irish Share Valuation Project
Green REIT (GRN:ID) is Ireland’s first real estate investment trust. And the first ISE main market listing in over 5 years (a shock for the somnolent exchange staff, I’m sure). In fact, the IPO was so unprecedented, even the Minister for Finance turned up – here’s his speech! Not to mention the press, who fell on the story like a pack of dogs. But really, what do you expect? If there’s one thing that unites people, it’s a fervent desire for property to increase in value. Which is particularly true of Ireland, especially now – we blew the bubble we had, and Lord we so desperately want it back…
Yes, bored real estate agents want to treat buyers like scum & regain the respect they deserve. Mortgage holders just want to return to break-even, so they can finally relax & enjoy those gigantic monthly mortgage payments for the next 20 years. Old tyme reporters are sick of being forced to write real (i.e. non-property & interior design) stories, while their ad departments are tired of calling ’round begging for business. The banks dread visiting their own bank manager (NAMA & the Dept. of Finance) – while acting the gombeen with recalcitrant borrowers is somewhat problematic when they were reduced to beggary themselves not so long ago. As for the politicians, they just want to close their eyes & wake up when everything’s alright again…and then take all the credit! Finally, we have the poor old taxpayer…he just dreams of getting back to the good old days.
Because property solves all problems – doesn’t it?!
But I have to confess, I’m more than a little fascinated by the Green REIT IPO. Is it me, or did we just hit an inflection point? Could this be a new zeitgeist we’re witnessing? Well, if the collective national psyche could will it, Ireland’s certainly right about bloody due now… Oh boy, that’s a huge subject to tackle – for the moment, why don’t we take a closer look at: