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Green Reit's €1.34bn sale to UK firm Henderson Park complete

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Chairman of Green Reit, Gary Kennedy

Chairman of Green Reit, Gary Kennedy

Chairman of Green Reit, Gary Kennedy

The €1.34bn sale of Green Reit to UK-based Henderson Park is complete and the property investment group will be delisted from the London and Dublin markets tomorrow.

Tonight’s announcement comes three months after Henderson Park emerged as the winning bidder for Green Reit, the first real estate investment trust to float on the Irish stock exchange in 2013. It follows approval from shareholders and the High Court.

The joint statement from Green Reit and Henderson Park confirmed that current directors Gary Kennedy, Jerome Kennedy, Gary McGann, Rosheen McGuckian, Stephen Vernon and Pat Gunne have resigned with immediate effect.

It said the new board will include Henderson Park managing director Christophe Kuhbier and CSC Capital Markets Europe executives Jonathan Hanly and Ian Garvan.

Green Reit's outgoing chairman, Mr Kennedy, said in April that the board had decided to offload the company because it had been trading at a "persistent structural discount to its underlying net asset value since early 2016".

Henderson Park’s offer placed a 24.7pc premium on that mid-April price, besting rival bidders Kennedy Wilson and Irish Life.

Green Reit owns a prime office portfolio whose tenants include Barclays Bank, the Revenue Commissioners and Vodafone.

It owns a logistics park near Dublin Airport and the Central Park office campus in Leopardstown, as well as neighbouring south Dublin development sites.

Other key assets include Fitzwilliam Hall in central Dublin and One Albert Quay in Cork.

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