Green REIT in the media

Press coverage of the announcement that Green REIT plc has reached a conditional deal with its joint venture partner to acquire full control of Central Park in Leopardstown in south Dublin.

Screenshot 2015-11-19 16.22.28

The Irish Times | Green REIT takes full control of Central Park in €155m deal

Property investment group Green REIT is to acquire the 50 per cent stake in the Central Park development in Dublin that it doesn’t own in a deal valued at €155 million.

The purchase price is 2.7 per cent higher than the valuation for the June valuation for the project and reflects a value of €428 per square foot and an equivalent yield of 5.6 per cent on the investment assets.

The estimated all-in cost for Green REIT in taking full control of Central Park is estimated at €160 million.

The group said the cost would be debt funded partly through the company’s revolving €85 million credit facility with Barclays and by Green REIT taking over the vendor’s 50 per cent of the Bank of Ireland debt secured against the properties.

Completion of the deal, which is conditional on the approval of the Competition and Consumer Protection Commission, is expected to close by mid-January.

Read full piece here

Irish Independent | Green REIT strikes €155m deal to acquire one of Dublin’s biggest industrial estates

Irish property investment firm Green REIT has reached a conditional deal worth €155m with its joint venture partner to acquire full control of Central Park in Leopardstown in south Dublin.

Central Park is made up of six modern office buildings covering approximately 691,000 square feet in Leopardstown.

Tenants include Vodafone, Merrill Lynch and Ulster Bank. The deal will increase Green REIT’s stake in the building from 50pc to 100pc.

It is acquisition is conditional on the approval of the Competition and Consumer Protection Commission. The €155m purchase price is a 2.7pc higher than the building was valued at in a valuation carried out at the end of June.

Green REIT also announced it is deploying an additional €20m towards the construction of a new office block at the complex,  block H. Block H is an office building of 147,000 square feet over eight floors. Construction on the block started in April.

Green REIT said the additional €20m will cover 100pc of the costs to complete the building. It will be funded from the Company’s revolving credit facility with Barclays Bank.

Read full piece here

RTE | Green REIT deal for Central Park

Property investment group Green REIT has agreed a conditional €155m deal to acquire full control of Central Park in Leopardstown in south Dublin, increasing its ownership from 50% to 100%.

Green said the completion of the deal is conditional on the approval of the Competition and Consumer Protection Commission.

The company said the deal will be funded through its revolving credit facility with Barclays Bank and by it taking over the seller’s debt secured against the property.

Central Park comprises six modern buildings covering approximately 691,000 square feet in Leopardstown.

Its main tenants include Vodafone, Merrill Lynch, Ulster Bank, Tullow Oil, Leaseplan and Salesforce.

Pat Gunne, CEO of Green Property REIT Ventures – the company’s investment managers – said that Central Park is widely acknowledged as the country’s “premier business park”.

Mr Gunne said that development of Block H in the project is now well underway and the park is fully occupied after a lease deal was completed with Sage for 45,000 square feet of office space.

Reuters | Green REIT to buy Central Park for €155m

* Acquisition of full control of Central Park

* Confirms that it has entered into a conditional contract with its joint venture partner to acquire full control of Central Park

* Deal at a purchase price of €155m

* Estimated all-in cost to Green REIT of €160m

* Closing expected by mid-January 2016, subject only to approval of Competition and Consumer Protection Commission in Ireland