Wednesday 22 October 2014

Green Reit to buy five properties from Dankse for €23m

Published 10/02/2014 | 11:11

Stephen Vernon of Green REIT Plc (centre) pictured at the company’s launch held in the Irish Stock Exchange, Dublin. ROBBIE REYNOLDS
Stephen Vernon of Green REIT Plc (centre) pictured at the company’s launch held in the Irish Stock Exchange, Dublin. ROBBIE REYNOLDS

GREEN Reit is on the verge of buying five Dublin properties from Danske Bank for a combined €23m, it said today.

Green REIT is the new real estate investment fund on an ambitious acquisition trail while lender Danske Bank is shedding assets as it retreats from the Irish market.

The properties, which are known as the D2 Portfolio, are based in two key city centre locations in Dublin – Molesworth Street in Dublin 2 (around the corner from the Dail) and Ormond Quay in Dublin 1 (adjacent to the Four Courts).

Four of the five are located at Molesworth Street, currently occupied by seven tenants, while the final, Ormond Building, is occupied by 15 tenants including Dublin City Council and several barristers.

The Molesworth street properties, the company said, offer significant opportunity for redevelopment .

Green REIT has now invested €214m since it floated on the Irish Stock exchange late last year, or 70pc of the proceeds of the IPO.

This leaves it with €86m from the IPO, which combined with €161m in loans, means it has another €247m to invest.

Some 84pc of its investments so far (by value) have been in Dublin.

The company was recently selected as the preferred bidder on Central Park, a large portfolio of commercial and residential space in Dublin 18.

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