Friday 27 April 2018

Green REIT Horizon let seen as key for future

Ronald Quinlan

Ronald Quinlan

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).

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