Green Reit, the publicly listed Irish property investor, could avoid taxes worth at least €50 million when it sells its valuable Irish property portfolio, Sinn Féin has claimed. The company recently announced it would sell the entirety of its Irish portfolio, valued at about €1.5 billion. Under legislation introduced in 2013 to encourage institutional investment into the Irish property market, Green Reit does not pay capital gains tax on properties it sells after holding them for more than three years. If the building were sold at the same valuation Green Reit put on it at the end of 2018 – €460.1 million – the tax loss would be €44.1 million. Green Reit said it had no comment when contacted.

Source: The Irish Times May 25, 2019 00:56 UTC