26 Feb 2016 07:00
Renegotiation of Vodafone leases in Central Park
Term certain extended by 8 years to 2026
GRN ID GRN LN
Dublin, 26 February, 2016 | Green REIT Plc, ("Green REIT"), the Irish property investment company, confirms that it has completed the renegotiation of its leases with Vodafone Ireland Limited on its Irish headquarters building at Central Park, Dublin 18, which comprises 263,000 square feet and generates a rent of €7.3 million per annum for Green REIT.
Vodafone, Green REIT's single largest tenant, has agreed to remove its lease break options in 2018, thereby committing it to Central Park until its leases expire in late 2026. Vodafone will continue to pay a rent of €7.3 million per annum and will receive a rent-free period equivalent to 12 months' rent.
Ronan Webster, Asset Management Director of Green Property REIT Ventures Limited commented: "We are delighted that Vodafone has committed to Central Park until 2026. As the largest occupier within Central Park, this commitment is a great vote of confidence for the location, underpinning its position as Dublin's best office park. There are now over 4,000 people working in blue chip companies within Central Park, which will increase further with the completion and letting of Block H, a new 150,000 sq ft office block, which will be delivered at the end of 2016."
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.