(Alliance News) - Green REIT PLC on Monday reported a 5.2% increase in contracted rent and said it is progressing on the sale of the company.
The real estate investment trust said contracted annual rent stood at EUR79.4 million as at Monday compared to EUR75.5 million reported at the end of 2018.
"The leasing success achieved to date in 2019 demonstrates the high quality of our portfolio and the very supportive backdrop of the market, which in quarter one of 2019 witnessed a new record level of take-up in the Dublin office market," said Chair Gary Kennedy.
Since the start of 2019, the company said it has signed one new letting and agreed terms on a further two lettings at George's Quay Estate in Dublin, Ireland, which will bring it to full occupancy, with additional annual rent of EUR1.8 million.
In addition, the company said it agreed terms for the retail space at One Molesworth Street, also in Dublin, at an annual rent of EUR505,000, which will bring the building to full occupancy, delivering a total rent of EUR5.9 million per annum.
Contracted annual rent was EUR83.3 million as at Monday when rental income from lettings with terms agreed and in advanced discussions were including.
Green REIT said it has not made any acquisitions or disposals since the end of 2018.
In mid-April, Green REIT has decided to sell the company and its assets following a strategic review.
"We are pleased with how the sale process announced by the board in April is progressing and the level of interest expressed to-date. We will provide a further update to shareholders as and when appropriate," noted Kennedy.
The stock was trading 2.5% higher on Monday afternoon at EUR1.79 a share.
