Tuesday 27 September 2016

Green REIT looking to sell ‘The Glas Collection’ for €168.7m

Published 03/02/2016 | 07:52

Pat Gunne, Green Reit Plc (left) with Minister for Finance, Michael Noonan TD, John Moran, Department of Finance and Stephen Vernon, Green Reit Plc, pictured at the Green Reit Plc launch held in the Irish Stock Exchange, Dublin.
Pat Gunne, Green Reit Plc (left) with Minister for Finance, Michael Noonan TD, John Moran, Department of Finance and Stephen Vernon, Green Reit Plc, pictured at the Green Reit Plc launch held in the Irish Stock Exchange, Dublin.

Green REIT, the Irish property investment company, has appointed real estate firm JLL to sell its six property-strong ‘Glas Collection’ with a guide price of €168.7m.

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The collection comprises of four Dublin-based properties as well as other locations in Naas and Limerick.

Speaking about the sale of the assets chief executive of Green Property REIT Ventures, Pat Gunne, said: “We are bringing these assets to the market as part of our strategy to achieve our intended total gearing level of 25pc.

“We recently acquired full control of Central Park and announced that we would be making a number of asset disposals in 2016 to achieve that objective.”

The Glas Collection is made up of the Arena Centre in Tallaght, the Ormond Building in Dublin city centre, Classon House in Dublin 14, and Parnell Car Park in Dublin 1.

The collection also includes Globe Retail park in Naas and Parkway Retail Park in Limerick.

In its entirety the collection comprises of over 69,677 sq m of commercial space across over 58 commercial units, excluding Parnell Car Park and the 63 Arena apartments.

The listing has a collaborative passing rent of €11.5m per year and the total guide price is set to over €168.7m, equating to an initial yield of 6.6pc.

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