LONDON (Alliance News) - Green REIT PLC Monday said it has begun its office development at Central Park in Dublin and is working on its other developments in the Republic of Ireland's capital city.
In a statement, the Irish property investment company said construction of Block H, an office building of 147,000 square feet, began on April 27, while "good progress" has been made with planning consents for the company's other development properties.
The company said it has secured EUR1.12 million of contracted rent across the company, with a further EUR0.7 million of lettings under negotiation.
Green REIT also said it is in exclusive talks to buy a property at One Albert Quay, in Cork city centre, although the company cautioned there is "no certainty" that a deal will materialise.
Chairman Gary Kennedy said the opening months of 2015 were a "relatively stable period".
"Our outlook for the period ahead remains positive, with the company well placed to perform strongly against the backdrop of a strengthening domestic economy and the continuing shortage of supply of quality office space in particular. The company remains committed to the generation of strong rental income and capital growth," Kennedy said in a statement.
"This is an exciting stage in the evolution of Green REIT as we commence our office development at Central Park and progress the other Dublin city centre development opportunities through the planning process. We remain focused on active asset management within our portfolio, and continuing to source accretive acquisitions," Pat Gunne, the chief executive of investment manager Green Property REIT Ventures Ltd, said in a statement.
"The market remains competitive, and returns are still at their highest in the Dublin office sector, where we have invested a substantial portion of our capital," Gunne said.
Green REIT shares were down 1.3% at EUR1.56 in London on Monday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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