10 Mar 2017 07:00
Sale of Parkway Retail Park, Limerick
Dublin, 10 March, 2017 | Green REIT Plc, ("Green REIT", or "the Company"), announces that it has exchanged contracts for the sale of Parkway Retail Park in Limerick, with completion expected by the end of March 2017. The contract price of €24.3 million is payable in two tranches, with €1.3 million of the price subject to securing planning consent for a vacant unit in the property for which a tenant has been secured. The contract price reflects a 4.4% uplift on the 31 December 2016 valuation, and a profit to the Company of 74% on the cost of the property, which was acquired in late 2013.
Caroline McCarthy, Chief Investment Officer of Green Property REIT Ventures commented: "This sale brings the proceeds from the Company's disposal programme to €99 million, in line with target. The total profit realised from the sale of the five properties was €42.4 million, or 75% on purchase cost."
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.