Green REIT acquires €127.6 million commercial portfolio (IE)

Green REIT plc has exchanged contracts to acquire a portfolio of commercial real estate assets from Danske Bank Ireland for €127.6 million, with an initial yield on the investment properties in excess of 8.5%. This is the company’s first acquisition since its successful listing last July, in which it raised €310 million to invest in the Irish commercial property market.

The portfolio comprises 10 properties, eight of which are in Dublin, and it is a mix of prime and good secondary assets. It totals over 708,000 ft² (approx. 65,773 m²) and is currently 84% let with a weighting towards the retail and office sectors. The properties currently generate a net rental income of 10.6 million from a strong base of 65 tenants, including Bank of Ireland, Homebase, Lidl, TK Maxx, Woodies, Park Rite and Kuehne & Nagel. The portfolio also includes a development site of approximately 112 acres adjacent to Dublin airport, with a potential for a logistics development of up to 1 million ft².

Grant Thornton and DTZ acted for Danske Bank and Jones Lang LaSalle acted for Green REIT plc.

Source: Green REIT

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