Dublin, 20 August, 2014 – Green REIT Plc, (“Green REIT” or the “Company”), the Irish property investment company, confirms that it has exchanged unconditional contracts to acquire an office building at 13-17 Dawson Street in Dublin 2 for €23 million (€23.7 million inclusive of estimated acquisition costs). The acquisition, when completed, will be in line with the Company’s stated objective to assemble a portfolio of prime and good quality secondary properties with a Dublin focus.

The building, with substantial frontage onto both Dawson Street and Molesworth Street, is one of Dublin’s most prime CBD redevelopment opportunities and has the potential to accommodate a substantial redevelopment scheme which doubles the existing lettable area, subject to planning permission.

Pat Gunne, Chief Executive, Green Property REIT Ventures commented: “This acquisition presents us with another very exciting Dublin city centre redevelopment opportunity in the heart of Dublin’s CBD, at a time when there is a stark shortage of supply of quality office space in the city centre.”

The vendors were Joint Receivers Simon Coyle & Tom O’Brien (Mazars) for Shelbourne Properties in Receivership, with Patrick Curran of BNP Paribas Real Estate, handling the sale.

 

ENDS

Contacts

 

Green Property REIT Ventures (Investment Manager to the Company)

Niall O’Buachalla, COO

+353 (0) 1 2418400

 

FTI Consulting (IR and PR to the Company)

 

Dublin                                                                                                    London

+353 (0) 1 6633686                                                                            +44 (0) 20 7831 3113 

Mark Kenny                                                                                          Stephanie Highett

Jonathan Neilan                                                                                    Richard Sunderland

Melanie Farrell                                                                                     Giles Barrie

Nina Legge

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.greenpropertyreit.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.