GRN.L Regulatory News (GRN)

ACQUISITION OF TWO DUBLIN OFFICE BUILDINGS

REFINANCING OF CENTRAL PARK

GRN ID GRN LN

Dublin, 20 June, 2014 - Green REIT Plc, ("Green REIT" or the "Company"), the Irish property investment company, confirms that it has exchanged contracts to acquire two office buildings in Dublin 2 for €32 million (€33 million inclusive of estimated acquisition costs). The acquisition, when completed, will be in line with the Company's stated objective to assemble a portfolio of prime and good quality secondary properties with a Dublin focus. The total purchase price of €32 million equates to a net initial yield of 6.8%.

Following these acquisitions, which will be funded from the Company's cash, the total equity invested by the Company will be €678 million, or 99% of the total equity raised by the Company since its launch in July 2013.

Green REIT also announces the refinancing of secured debt on the Central Park acquisition.

Acquisition of two Dublin Office Buildings

76-78 Harcourt Street

Harcourt Street is a prime Dublin 2 location, running from St. Stephen's Green to the South. The office building extends to approximately 24,400 square feet over basement, ground and four upper floors with 24 surface car parking spaces to the rear. It was constructed in early 1980's and designed with a mock Georgian façade to blend in with the rest of Harcourt Street. Behind the façade are contemporary open plan offices. The building has been let since completion to a government tenant at a passing rent of €1.01 million per annum.

4 & 5 Harcourt Road

Harcourt Road, again a prime Dublin 2 location and like Harcourt Street, is within a few minutes' walk of the Harcourt Street Luas station. This detached office building was constructed in the late 1970's and extends to approximately 32,800 square feet over ground and six upper floors with 30 surface car parking spaces to the rear. The property is let to a government tenant until October 2015 at a passing rent of €1.26 million per annum. The building is suitable for substantial redevelopment into third generation office space.

Central Park Refinancing

The Company also confirms the refinancing of the secured debt provided to The Central Park Limited Partnership by LVS II SPE IV LLC, an entity sub-advised, advised or managed by Pacific Investment Management Company LLC or its affiliates. Bank of Ireland, Corporate Banking, has provided a term loan of €150 million to the partnership. The Company's 50% share of this bank borrowing is €75 million and represents the Company's first bank borrowings.

Paul McDonnell, Bank of Ireland, Corporate Banking commented: "We are delighted to have provided funding on Central Park. As Ireland's number one Corporate Bank, Bank of Ireland has the experience and capacity to support investors, and we look forward to continuing our relationship on other transactions in the future".

As confirmed on 11 June 2014 the Company is currently considering its options with regard to further borrowing, which will facilitate further acquisitions by the Company. On the basis of a target total gearing level of 35%, where gearing is represented by total aggregate borrowings as a percentage of the market value of total assets, the Company's total gearing headroom is €369 million, which net of the existing Central Park debt of €75 million, would provide an additional €294 million of investment capital.

Stephen Vernon, Chairman of Green Property REIT Ventures, commented: "This first major bank debt raising for Green REIT with Bank of Ireland is a milestone in our development and we look forward to continuing our long term relationship in Central Park."

Pat Gunne, Chief Executive, Green Property REIT Ventures added: "Following these acquisitions we will have deployed virtually all the equity raised by the Company. We intend to continue to review opportunities to raise further debt on our portfolio which will, in turn, provide additional capital to invest in prime and good quality secondary properties which match our investment criteria.

"Our existing tenant profile is exceptionally strong and the €52.3 million annual rent roll will generate a 7% portfolio yield. Harcourt Road also presents a very exciting Dublin city centre redevelopment opportunity."

ENDS

Contacts

Green Property REIT Ventures (Investment Manager to the Company)

Niall O'Buachalla, COO

+353 (0) 1 2418400

FTI Consulting (IR and PR to the Company)

Dublin London

+353 (0) 1 6633686 +44 (0) 20 7831 3113

Mark Kenny Stephanie Highett

Jonathan Neilan Giles Barrie

Melanie Farrell Nina Legge

greenreit@fticonsulting.com 

About Green REIT plc

Green REIT plc is an Irish Real Estate Investment Trust ("REIT") and is listed on the Irish and London Stock Exchanges. The Company was the first REIT established in Ireland following the introduction of REIT legislation by the Irish Government. The Company's stated strategy is to create a property portfolio consisting primarily of commercial property in Ireland to deliver income and capital growth through opportunistic investments, active property management and prudent use of debt finance. Please visit www.greenpropertyreit.com.

Note on forward-looking information

This Announcement contains forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. The Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority.