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Green REIT buys Central Park

Friday, March 28 17:41:22

Irish property investment company, Green REIT, today said that it has completed the purchase of Dublin's Central Park complex.

It said that The Central Park Limited Partnership, a joint venture between Green REIT and LVS II CP Investor Ltd. ("LVS II"), an entity sub-advised, advised or managed by Pacific Investment Management Company LLC or its affiliates, has completed the acquisition of a portfolio of commercial properties known as Central Park, located in Dublin.

The Central Park Limited Partnership is a 50:50 joint venture owned by Green REIT and LVS II. Green Property REIT Ventures Limited will act as investment manager for the joint venture.

Central Park comprises 6 high quality, modern buildings covering approximately 691,000 square feet in Leopardstown, South Dublin. The portfolio has 87pc occupancy and main tenants include Vodafone, Merrill Lynch, Ulster Bank, Tullow Oil, Leaseplan and Salesforce. Discussions are underway with a number of tenants on the vacant space.

There is a further approximately 7.4 acres of development land with planning permissions for approximately a further 700,000 square feet of development.

Mr Gary Kennedy, Chairman of Green REIT plc, commented: "We are very pleased to announce the completion of the Central Park acquisition, which represents significant further progress towards our stated objective to assemble a portfolio of commercial property assets which require active asset management and will deliver targeted shareholder returns. Our total invested capital following this transaction, including debt and equity, will exceed E334 million."