Green REIT PLC Letting of 32 Molesworth St and land acquisition (9239R)
December 15 2016 - 1:00AM
UK Regulatory
TIDMGRN
RNS Number : 9239R
Green REIT PLC
15 December 2016
Letting of 32 Molesworth Street, Dublin 2 and acquisition of 164
acres at Dublin Airport
Dublin, 15 December, 2016 | Green REIT Plc, ("Green REIT", or
"the Company"), announces that it has signed an agreement for lease
with an international business services provider for the entire of
its newly-developed office building at 32 Molesworth Street in
Dublin 2, which comprises approximately 2,973 square meters (32,000
square feet) of lettable area. The agreement is for 20 years, with
breaks in years 10 and 15, and with a rent per square foot of
EUR51.70. This is the first letting of one of the Company's new
office developments, which has been delivered on time and on
budget.
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
EUR12.25 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.
Paul Culhane, Development Director of Green Property REIT
Ventures, commented, "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."
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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