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Green REIT let iconic new building at 32 Molesworth Street

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Green REIT Plc has signed a lease agreement with an international business services provider for the entirety of its newly-developed office building at 32 Molesworth Street in Dublin 2.

32 Molesworth Street, which has been delivered on time and on budget, comprises approximately 2,973 sq m (32,000 sq ft) of lettable area.

It promises to be one of Dublin’s most prestigious office locations, marrying Dublin’s Georgian architectural heritage with world-class architecture in a building to be treasured.

The lease agreement for 32 Molesworth Street is for 20 years, with breaks in years 10 and 15, and with a rent per square foot of €51.70.

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.

Horizon Logistics Park’s position abutting the southern boundary of Dublin Airport and close to the Port Tunnel has already made it the home of choice for businesses such as DHL, Ceva, Kuehne & Nagel, Kintetsu Worldwide Express and Expeditors Ireland.

Paul Culhane, Development Director of Green Property REIT Ventures, said: “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.”

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An aeriel view of Green REIT plc’s Horizon Logistics Park