Green REIT pays €32m for two Dublin office buildings
PROPERTY firm Green REIT has paid more than €30m for two Dublin office buildings, in the latest deal in the resurgent commercial property market.
In a statement to the Irish stock exchange, the real estate investment trust said it had agreed terms to buy two office blocks on Harcourt Street in the centre of Dublin for a combined €32m.
The property at 76 to 78 Harcourt Street extends to approximately 24,400 sq ft.
It was built in the early 1980s and designed with a mock Georgian façade to blend in with the rest of Harcourt Street. Behind the façade are contemporary open plan offices.
The building has been let since completion to a government tenant at a passing rent of €1.01m per annum.
Green has also taken over 4 and 5 Harcourt Road. The detached office building was constructed in the 1970s and is approximately 32,800 sq ft.
The property is let to a government tenant until October 2015 at a passing rent of €1.26m per annum. It is suitable for substantial redevelopment into third generation office space.
Meanwhile, Green has confirmed Bank of Ireland is providing €150m in financing to the investment vehicle Green and US firm Pimco used to buy the Central Park business park in south Dublin. Green and Pimco paid as much as €311m to buy the property in January.
Terms are not released but it is believed the Bank of Ireland loan was priced at 295 basis points over three-month Euribor. That is an unusually low price for a loan of this nature.