Green REIT / Hibernia REIT (new Irish REITs)


#141

No REIT exposure or interest.

The more REITs investing in Irish property the greater the opportunity for NAMA to offload it’s exposure at a profit.

Do we really care if the price goes up or down as long as the Irish tax payer gets a good deal?


#142

Well, we like slagging people who make poor investment decisions.


#143

I have no REIT exposure or interest currently.

However, it seems to me that there is a lot of denial (possibly borne out of disappointment) being displayed on the Pin in the past few months. I don’t know if these REITS are a good investment or not but it has been clear to me that property prices are rising substantially in Dublin. I drew attention on another thread to Paddy Power’s odds on the increase in the CSO House Price Index earlier this year; the bookies cannot allow personal bias to affect their assessment for obvious reasons. It was clear from those odds that PP expected last year increase in property prices to continue, at least for the duration of the current year.

The increases are happening in Dublin whether we like it or not (and I don’t).


#144

eemm, yeah! This is the Property Pin which in the main deals with property prices and was born out of the madness of the Celtic Tiger and the insane prices that inflicted on Irish society.
So I for 1 don’t care if NAMA makes a profit or not (which in reality it really cannot, except for the huge discounts it took property on to it’s books in the 1st place) if it means mad house prices that i or my friends/family will have to pay for in future


#145

Spotted this

askaboutmoney.com/showthread.php?t=186486

:smiley:


#146

Fill yer boots.


#147

I’ve nothing against REITs but that is quite staggeringly poor advice IMO. I spent 20 seconds looking for a graph of share prices vs asset values and found this:

realcrowd.com/blog/2013/02/ … al-estate/


#148

Are the details of which four apartment complexes have been bought to date (by the new residential REIT) available anywhere? Also, any idea on the minimum investment amount? Am I totally out of my mind to be considering this?? :blush: :blush: :blush:


#149

No more so than most Irish property “investors”.


#150

I agree with you that prices are going up.

However, using PP as an authority isn’t great. Mostly they’ll align their odds with the perceptions rather than with a reasoned prediction of where the market will go. The PP odds, to me, say the same thing as the recent market activity: Irish people are expecting Irish property (or at least Dublin property) to increase in price in the near-term.


#151

Do REITs exist in a parallel universe of differing outcome?


#152

REITs provide an extremely useful service for the canny Irish investor. Previously, in order to get that sort of exposure you would have to actually buy properties, deal with banks, and have the hassle with tenants in order to lose money. Now you can lose money on Irish property without even leaving the house!


#153

For the record I’ve no problem with REITs per se. However, the REITs being promoted here are (were?) trading at huge premiums to their Net Asset Values, so you’d be unlikely to make a profit without relying on a greater REIT eejit buying your shares from you.

I expect to be buying these REITs in about five years if and when the market tanks, and these REITs are trading at huge discounts.

P.S. If you can’t figure out how much of a premium you’re paying for a REIT then you should stay as far away as possible from them.
P.P.S. If and when these REITs trade at a discount I’m sure you’ll hear all about the great value discount from the promoters. But the huge premiums are their dirty little secret right now.


#154

I did a quick bit of digging on the promoters in this thread. My conclusion is that we are dealing with one person here - BallyBoy.

Friday, 29 Nov 2013:
Thread started which criticises the REIT
LuckyMe1 account is created
LuckyMe1 account makes three daft attempts to defend the REIT. This was a Friday afternoon, so maybe the guys working in the REIT were alerted to the thread.
LuckyMe1 attempts to delete his responses late at night (maybe because he is worried that his posts might get him into trouble with a financial regulator).

Monday, 2 Dec 2013:
BallyBoy account is created (on a Monday afternoon - maybe back at work?)
BallyBoy account immediately promotes the REIT.
BallyBoy says “For the record, I have no connection to a REIT.”

Tuesday, 3 Dec 2013:
Jmp account is created
Jmp account immediately promotes the REIT, but is never heard from again

Thursday, 5 Dec 2013
Maverick33 account is created
Maverick33 immediately promotes the REIT, but is never heard from again after Saturday

Saturday, 7 Dec 2013
BallyBoy announces ["*I do a fair bit of work in this area * (https://www.thepropertypin.com/viewtopic.php?p=748216#p748216) when talking about residency requirements for investor permit schemes.


#155

What are you saying? :laughing: :laughing: :laughing: :laughing:


#156

I think that was the chap saying that the REIT investments were going to be a no brainer for HNW Chinese because of access to Europe.

I see Canada doesn’t want any more rich Chinese moving in.

online.wsj.com/news/articles/SB1 … 2536917724


#157

Good to see the champagne socialists in the Labour party are helping out in getting the Green REIT up and running, and creating hefty legal costs for the taxpayers as a result of the mess

irishexaminer.com/analysis/t … 68592.html

How did Quinn not see that he should’nt have participated in that vote is beyond me. Ignorance or brass neck


#158

independent.ie/business/iris … 79679.html


#159

Remind me what year, no sorry, what decade is it?


#160

Hibernia accounts related-party transactions are interesting. Quite a few, including hiring the director’s wife to clean apartments.

This gives a new slant to the “Landlord’s cleaner bought a house” story.