Property investor warns of UK retailers freezing Ireland growth plans

Joanna Bourke
Property firm Green Reit said a number of UK retailers have put Ireland expansion plans on hold: Dominic Lipinski/PA

An Irish property developer on Tuesday claimed a number of UK retailers have frozen plans to grow in the Emerald Isle in the wake of the Brexit vote.

London and Dublin-listed Green Reit said retail occupiers in the UK “in the main have put expansion plans in Ireland on hold, due to the uncertainty around Brexit and the impact on pricing”.

It added: “This has resulted in a thinner than normal list of tenants with requirements.”

However, the landlord appeared more upbeat about Brexit boosting some of its other buildings.

It said: “The UK referendum result is expected to have an adverse impact on the Irish economy but potentially a favourable impact on the Dublin office sector.”

Dublin is competing with cities such as Paris and Frankfurt to entice London-based companies that want an office within the EU when Britain leaves the bloc.

Profits at Green Reit rose 21.4% to €53.1 million (£47 million) in the six months to December 31.