8 Jul 2015 07:00
Full occupancy at Central Park
Construction of Block H progressing well
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Dublin, 08 July, 2015 | Green REIT Plc ("Green REIT" or the "Company"), the Irish property investment company, confirms that following two further lettings totalling 55,300 square feet at Central Park, Leopardstown, Dublin 18, the office park is now fully occupied. In addition, the construction of the new Block H, an office block of 147,000 square feet of lettable area, is progressing well, with completion expected in December 2016.
New Lettings - Sage and Mastercard
· Combined contracted annual rent of €1.527 million per annum to the JV, in which the Company is a 50 per cent investor
· Rent per square foot of €25 achieved on both lettings
· Sage Hibernia (Services) Limited has taken a 20 year lease of the remaining floors of Block G, being ground and first (45,200 square feet), with first break at the end of year seven and a rent free period of 14 months
· MasterCard Ireland Limited, already a sub-tenant in the Vodafone building, has taken a lease of the penthouse floor of Block C (10,100 square feet) with a 3 year term
These lettings follow the announcement in May 2015 that Web Reservations International had entered a lease of the second floor of Block G, meaning that the 691,000 square feet business park is now fully let to a variety of high calibre businesses including Vodafone, Bank of America Merrill Lynch, Ulster Bank, Leaseplan, Tullow Oil plc and Salesforce.
Ronan Webster, Asset Management Director at Green Property REIT Ventures Limited commented: "We are delighted to secure Sage and MasterCard as occupiers in Central Park, both of which are highly regarded and expanding businesses. Since acquiring the property in March 2014 we have now successfully secured lettings for all of the remaining space of 89,000 square feet at Central Park, concluding a successful leasing programme in conjunction with our agents, CBRE and Knight Frank. This should bode well for future lettings of Block H, construction of which is progressing well, given the shortage of high quality Grade A space in Dublin."
Note:
Central Park was acquired in March 2014 by The Central Park Limited Partnership, a 50:50 joint venture between Green REIT plc and LVS II CP Investor Ltd, an entity sub-advised, advised or managed by Pacific Investment Management Company LLC or its affiliates.
Contacts
Green Property REIT Ventures (Investment Manager to the Company)
Niall O'Buachalla
+353 (0) 1 2418400
FTI Consulting (IR and PR to the Company)
Dublin London
+353 (0) 1 6633686 +44 (0) 203 727 1000
Mark Kenny Claire Turvey
Jonathan Neilan Giles Barrie
Melanie Farrell
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.greenreitplc.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.