15 Dec 2016 07:00
Letting of 32 Molesworth Street, Dublin 2 and acquisition of 164 acres at Dublin Airport
Dublin, 15 December, 2016 | Green REIT Plc, ("Green REIT", or "the Company"), announces that it has signed an agreement for lease with an international business services provider for the entire of its newly-developed office building at 32 Molesworth Street in Dublin 2, which comprises approximately 2,973 square meters (32,000 square feet) of lettable area. The agreement is for 20 years, with breaks in years 10 and 15, and with a rent per square foot of €51.70. This is the first letting of one of the Company's new office developments, which has been delivered on time and on budget.
Green REIT has also exchanged contracts to acquire approximately 164 acres of land adjacent to its existing holding at Horizon Logistics Park at Dublin Airport, for a total consideration of €12.25 million. The acquisition, which is expected to complete before the end of 2016, brings the Company's total land holding for Horizon Logistics Park to approximately 264 acres. The transaction increases the Company's strategic land holding adjacent to Dublin Airport at a time when demand and rental values for well-located modern logistics units are increasing.
Paul Culhane, Development Director of Green Property REIT Ventures, commented, "We are delighted to secure a high quality tenant for 32 Molesworth Street, the first of our office developments to complete. This letting, which is 14% ahead of our most recent estimates, will enhance our income profile and overall WAULT. We look forward to securing lettings for our other three office developments, all of which are going to plan. Block H in Central Park in Dublin's South suburbs, is also due for completion by year end.
"In addition to the progress we are making on our developments, to secure such a significant land holding between the airport and Dublin's main motorway, the M50, is very exciting, particularly with the underlying fundamentals of the logistics sector, including the growth of ecommerce, being so strong."
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.