LONDON (Alliance News) - Irish real estate investment trust Green REIT PLC Monday said it has now invested EUR178.3 million in capital since July 1, following the acquisition a EUR127.6 million portfolio of commercial real estate assets, as well as two commercial properties in Dublin in a deal valued at EUR50.7 million.
Green REIT said it acquired the EUR127.6 million commercial real-estate portfolio, which will provide an initial yield on the investment properties in excess of 8.5%, from Danske Bank Ireland.
The acquisition will be paid in cash and is the company's first major move following its July listing, when it raised EUR310 million to invest in the Irish commercial property market.
Eight of the 10 properties in the portfolio are based in Dublin, with 84% of the properties already let out, mostly to the retail and office sectors.
The properties currently generate EUR10.6 million in net rental income from 65 tenants, including Bank of Ireland, Homebase, Lidl, TK Maxx, Woodies, Park Rite and Kuehne & Nagel.
In addition to the commercial portfolio acquired from Dankse Bank, Green REIT has also acquired two further properties in Dublin for a combined value of EUR50.7 million.
The larger of the two acquisitions is the EBS Building Society headquarters, valued at EUR46.5 million, with an initial net yield of 8.6%.
The other, valued at EUR4.2 million with an initial net yield of 9.1%, is the Independent Newspapers print works building, which the company describes as the most modern printing facility in Ireland.
"Our acquired portfolio is consistent with our stated strategy and we look forward to investing further in the Irish commercial property market and delivering attractive returns for our shareholders," Stephen Vernon, non-executive director, said in a statement.
Green REIT shares were Monday quoted at EUR1.188, up 0.3%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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