Wednesday 19 December 2018

Toronto bank subsidiary to expand in Dublin

Dublin's One Molesworth Street building, a mix of office and retail
Dublin's One Molesworth Street building, a mix of office and retail
Ellie Donnelly

Ellie Donnelly

TD Global Finance, an Irish subsidiary of the Toronto-Dominion Bank and a part of the TD Securities business, is expanding its Irish business.

As part of the company’s increased presence in Dublin, it is to let the top floor of One Molesworth street in Dublin 2.

"We are excited about the opportunities for TD Securities in Ireland and today's announcement marks another milestone in the expansion of our business there," Peter Walker, vice chair and regional head Europe & Asia-Pacific at TD Securities, said.

"Our increased presence in Dublin will help us support our growing global business, meet the evolving needs of our clients and respond to the changing regulatory environment."

The 985 squ metres in Green REIT’s flagship building is being let on a 20 year lease, with a tenant break option at the end of year 13.

Annual rent payable is €740,000, with the tenant entitled to a nine month rent free period at the outset of the lease, a statement from Green REIT said.

"We are delighted to add TD Securities to the tenant line-up at One Molesworth Street, our flagship office building at the heart of Dublin's central business district, which is approaching full occupancy," Paul Culhane, development sirector of Green Property REIT Ventures, said.

Following this letting, and previous lettings to Barclays Bank Ireland and Goshawk Aviation, 88pc of the total office space at One Molesworth Street has now been let.

The remaining office space, totalling 725 squ metres comprises the balance of the third floor, which is subject to a Barclays option, exercisable by the end of this month.

Meanwhile, following the lettings to The Ivy restaurant and to Le Pain Quotidien, one retail unit of 820 squ. metres remains to be let.

Colm Lauder, real estate analyst with Goodbody, said that Goodbody’s price target for Green REIT is 179c (updated 15th March).

"This is based on 1.0x our 2018-end NAV with the stocking trading on a forward P/NAV of 0.90x. By comparison, the sector average (EPRA EU) P/NAV is 0.99x."

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