Green REIT Horizon let seen as key for future
Green REIT's announcement last Tuesday that it has secured UK furniture giant DFS as a tenant for Horizon Logistics Park near Dublin Airport is being viewed by Goodbody as a potentially "important performance driver for Green, especially as the office sector stabilises".
Goodbody's real estate analyst, Colm Lauder, said: "The limited supply of well-located, modern logistics and the structural shift to online retailing mean that the optionality around such a site is significant."
The DFS letting is on a 15-year term with a break option in year 10 at a rent of €300,000 per annum.
This equates to €9.10 per square foot, which is above the market prime industrial rent of €8.70 (CBRE) North Dublin Industrials saw year-on-year rental growth of 12.2pc in 2016 (MSCI).