Green REIT PLC Green REIT signs 20 year lease with Barclays (8707M)
August 02 2017 - 3:39AM
UK Regulatory
TIDMGRN
RNS Number : 8707M
Green REIT PLC
02 August 2017
Green REIT signs 20 year lease with Barclays at One Molesworth
Street
Dublin, 02 August, 2017 | Green REIT Plc, ("Green REIT", or "the
Company"), announces that it has signed an agreement with Barclays
Bank Ireland plc ('Barclays') to lease 3,437 square metres (37,000
square feet) of lettable space at its flagship development at One
Molesworth Street in Dublin 2.
The letting covers two and a half floors of a total of five
floors of office space, with Barclays having an option up to
practical completion over a further half a floor, which if taken up
would bring the letting to approximately 4,200 square metres
(45,000 square feet). The lease duration is 20 years, with a tenant
break option at the end of year 12. The annual rent payable by
Barclays is EUR2.35 million, which equates to EUR670 per square
metre (EUR62 per square foot) per annum for office space and
EUR4,000 per car space per annum, with the tenant entitled to a
market level rent free period at the outset of the lease.
Following the letting to Barclays of 55% of the total office
space, the remaining office space to be let comprises the balance
of the third floor (subject to the Barclays option as set out
above) and the fourth and fifth floors, totalling 2,900 square
metres (31,000 square feet). The remainder of the building,
including the 1,672 square metres (18,000 square feet) of retail
space at ground and lower ground level, will be ready for fit out
in Q4 2017.
Paul Culhane, Development Director of Green Property REIT
Ventures, commented: "We are delighted to have secured our first
office letting at One Molesworth Street, our flagship building at
the heart of Dublin's central business district, and to have
secured such a high calibre tenant as Barclays. We look forward to
leasing up the balance of the office space and our retail space,
where discussions are ongoing with prospective tenants on both
fronts."
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) 1 765 0886
London: Giles Barrie / Claire Turvey
+44 (0)20 3727 1000
greenreit@fticonsulting.com
CGI of One Molesworth Street, Dublin 2, when completed
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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