Green REIT plc (ISE:GN1) said that it has appointed JPMorgan Cazenove Limited to initiate a process for the sale of Green REIT or its portfolio of assets. The move comes as Green REIT, which has a €1.5 billion portfolio of prime office and logistics asset, bemoans the performance of Green REIT’s share price. Gary Kennedy, Chairman Of Green Reit, said that despite Green Reit’s prime office and logistics portfolios of scale, underpinned by strong tenants and a supportive market and macro environment, Green REIT’s share price has been “subject to a material and persistent structural discount to its net asset value per share for over three years now”. “Our primary responsibility as a board is to deliver shareholder value. Given this imperative and following detailed analysis and due consideration, we have decided to focus on the sale of Green REIT or its portfolio of assets. It is the board’s view that this is demonstrably in the best interests of our shareholders,” Kennedy said. As lead financial adviser, J.P. Morgan Cazenove will review any proposals made for Green REIT or its portfolio of assets. CBRE Group, Inc. (NYSE:CBRE) has been appointed as property adviser to the company, Davy Corporate Finance Limited has been appointed as joint financial adviser and corporate broker, and Arthur Cox & Co. has been appointed as Green REIT’s legal adviser. The Co-Founders of Green Reit, Stephen Vernon and Pat Gunne, have said that they won’t make an offer to acquire the company, nor will they otherwise directly or indirectly participate in any third party offer to acquire Green Reit.