3 Jul 2018 07:00
Green REIT lets entirety of 5 Harcourt Road to WeWork
Completes sale of Westend Retail Park
Dublin, 3 July, 2018 | Green REIT Plc, ("Green REIT", or "the Company") announces that it has signed an agreement with a subsidiary of WeWork Companies Inc ("WeWork") to lease the entirety of 5 Harcourt Road, Dublin 2. WeWork is the world's largest provider of collaborative workspaces, and guarantees the lease obligations.
This newly developed office building in Dublin city centre is due for completion in July 2018 and comprises 4,650 square metres (50,000 square feet) of lettable space over 7 floors. WeWork has signed a 20 year lease with no break options, at an annual rent of €3 million.
Paul Culhane, Development Director of Green Property REIT Ventures, commented: "We are delighted to lease the entire of 5 Harcourt Road to WeWork, continuing the successful de-risking of our development programme, adding a further €3 million to our annual rent and extending our income security with 20 years certainty. We look forward to welcoming WeWork to the building, as it broadens its existing presence in this vibrant part of Dublin city centre."
The Company also confirms that it has completed the sale of Westend Retail Park for €147.7 million, the contract for which was exchanged on 25 May 2018.
ENDS
Contacts
Green Property REIT Ventures (Investment Manager to the Company)
Niall O'Buachalla, CFO
+353 (0) 1 2418400
FTI Consulting (IR and PR to the Company)
Dublin: Jonathan Neilan/ Patrick Berkery
+353 (0) 1 765 0884
London: Giles Barrie / Claire Turvey
+44 (0)20 3727 1000
greenreit@fticonsulting.com