14 Mar 2017 07:00
Continued momentum at Horizon Logistics Park, Dublin Airport
Dublin, 14 March, 2017 | Green REIT Plc, ("Green REIT", or "the Company"), announces that it has signed an agreement for lease with DFS Trading Limited ('DFS'), the UK furniture retailer, at Horizon Logistics Park at Dublin Airport.
The unit comprises 3,060 square metres (33,000 square feet) and is due for completion by the end of April. The annual rent payable by DFS will be €300,000, which equates to €98 per square metre (€9.10 per square foot), on a 15 year lease term and with a tenant break option at the end of year 10.
Horizon Logistics Park provides short, medium and longer term optionality to Green REIT for further development, and it has the potential to be the number one logistics park in Ireland due to its strategic location and accessibility. Following the acquisition of a further 164 acres in December 2016, the Company's holding comprises 264 acres of land at the intersection of Dublin Airport and the M50 motorway, with access to Dublin Port facilitated through the nearby Dublin Port Tunnel.
Paul Culhane, Development Director of Green Property REIT Ventures, commented: "This letting adds to the good momentum generated at Horizon Logistics Park, which will be strengthened further by the construction of the new 80,000 square foot unit that has been pre-let to Kuehne+Nagel to support its expansion plans in Ireland. The letting to a tenant of DFS' calibre further supports our strategy to build a combination of speculative and purpose-built units at the logistics park, in what was the strongest performing real estate sector in Ireland in 2016."
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 6633686
London: Giles Barrie / Claire Turvey
+44 (0)20 3727 1000
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.