Property fund Green Reit plc has booked a one-year gain for the year ending June 2015 of €146m on its commercial property portfolio that cost €700m . The gain was booked after portfolio revaluations by CBRE and Jones Lang Lasalle.

The gain triggered a performance fee of €21m to add to the base fee for €8m for the company’s Investment Manager. Shareholders are to be paid €10m in dividends.

On the back of the upward revaluations, Green Reit’s net profit for the year was €157m. Net rental and related income was €38m.

Green Reit’s results were boosted by the Royal Bank of Scotland Sapphire Portfolio, bought by Green Reit in October 2014 for €375m. These properties, including office buildings at Georges Quay and commercial space in Westend Retail Park, have increased in value by 17.5% in eight months, according to Green Reit’s valuers.

In his Outlook statement, chairman Gary Kennedy said: “The deployment of shareholder equity at early stages in the Irish macroeconomic recovery is yielding strong capital growth and shareholder returns.

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“We remain confident that through the Investment Manager we will continue to deliver on the company's asset management and development strategy against a favourable backdrop of a strong commercial property market, particularly in Dublin, being driven by strong Irish macroeconomic fundamentals.”