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Green REIT has funds to buy NAMA's Central Park

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The Central Park business area

The Central Park business area

The Central Park business area

GREEN REIT already has the financing in place to fund its planned purchase of NAMA's Central Park development, the company said.

The Dublin-listed real estate investment trust said last week that it had been selected as preferred bidder for Central Park, a portfolio of commercial and residential properties in Dublin 18 owned by NAMA.

"This acquisition will be financed from existing company resources alongside its funding partner PIMCO," it said in an update to the Irish Stock Exchange yesterday.

The group is believed to have teamed up with US firm Kennedy Wilson in the battle for Central Park and is thought to have agreed terms to pay €310m for the estate.

Under the terms of the proposed deal, Green REIT will take on the office blocks in the development, whose tenants include First Active, Merrill Lynch, Tullow Oil, Salesforce and Vodafone, while Kennedy Wilson will claim the apartment blocks. The deal is a coup for Green REIT, which has invested a total of €178.3m in several properties since it was launched last summer.

"Green REIT is in pole position for NAMA's Central Park," said Davy Stockbrokers. "With €178.3m already invested, the acquisition, if completed, will complement Green REIT's existing portfolio and further position it to benefit from a rapidly recovering Irish commercial real estate market."

Shares in the company closed down 0.2pc to €1.31 yesterday.

Irish Independent