2 Aug 2017 09:39
Green REIT signs 20 year lease with Barclays at One Molesworth Street
Dublin, 02 August, 2017 | Green REIT Plc, ("Green REIT", or "the Company"), announces that it has signed an agreement with Barclays Bank Ireland plc ('Barclays') to lease 3,437 square metres (37,000 square feet) of lettable space at its flagship development at One Molesworth Street in Dublin 2.
The letting covers two and a half floors of a total of five floors of office space, with Barclays having an option up to practical completion over a further half a floor, which if taken up would bring the letting to approximately 4,200 square metres (45,000 square feet). The lease duration is 20 years, with a tenant break option at the end of year 12. The annual rent payable by Barclays is €2.35 million, which equates to €670 per square metre (€62 per square foot) per annum for office space and €4,000 per car space per annum, with the tenant entitled to a market level rent free period at the outset of the lease.
Following the letting to Barclays of 55% of the total office space, the remaining office space to be let comprises the balance of the third floor (subject to the Barclays option as set out above) and the fourth and fifth floors, totalling 2,900 square metres (31,000 square feet). The remainder of the building, including the 1,672 square metres (18,000 square feet) of retail space at ground and lower ground level, will be ready for fit out in Q4 2017.
Paul Culhane, Development Director of Green Property REIT Ventures, commented: "We are delighted to have secured our first office letting at One Molesworth Street, our flagship building at the heart of Dublin's central business district, and to have secured such a high calibre tenant as Barclays. We look forward to leasing up the balance of the office space and our retail space, where discussions are ongoing with prospective tenants on both fronts."
ENDS
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: Jonathan Neilan
+353 (0) 1 765 0886
London: Giles Barrie / Claire Turvey
+44 (0)20 3727 1000
greenreit@fticonsulting.com
CGI of One Molesworth Street, Dublin 2, when completed
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.