Friday, February 21 10:32:57
A joint venture owned by Green REIT and Pacific Investment Management Company entity LVS II CP Investor has exchanged contracts to buy the Dublin Central Park portfolio of real estate assets for E315m.
The purchase is from receivers appointed by the National Asset Management Agency (NAMA) and Devano Developments Limited with completion expected next month.
The Central Park Limited Partnership is a 50:50 joint venture owned by Green REIT and LVS II , and will own the commercial component of the portfolio (691,000 square feet of high quality office space) and 7.5 acres of development land. The residential component of the portfolio is to be acquired by an unrelated entity.
Green Property REIT Ventures Limited will act as investment manager for the joint venture.
The total investment by Green REIT will be approximately E120 million inclusive of costs. LVS II SPE IV LLC, an entity sub-advised, advised or managed by Pacific Investment Management Company LLC or its affiliates, will provide debt financing to The Central Park Limited Partnership, which plans to procure bank financing of approximately E150 million post completion.
The commercial property portfolio in Central Park comprises 6 high quality, modern buildings covering approximately 691,000 square feet in Leopardstown, South Dublin. The portfolio currently generates E14.45 million per annum of passing rent, rising to E15.46 million per annum once rent free periods expire.