Ireland's Green REIT Increases Investments

Ireland's Green REIT Increases Investments

Commercial News » Europe Commercial News Edition | By WPJ Staff | February 10, 2014 11:57 AM ET

Green REIT, Ireland's first real estate investment trust, has announced it is purchasing five Dublin city center properties for €23 million from Danske Bank Ireland in an off market transaction. 

The five-property portfolio (D2 portfolio) includes a total rent roll of €1.4 million along with significant redevelopment potential, according to an announcement.  

Four of the five properties are located at 30-33 Molesworth Street, Dublin 2, in the city center and are currently occupied by seven tenants. The fifth property is The Ormond Building on Dublin's Ormond Quay, Dublin 1, adjacent to the Four Courts.  It is occupied by 15 tenants, with more than 50 percent of the rental income coming from Dublin City Council with 11 years remaining on the lease. 

"Our total invested capital is now €214 million and we continue to identify attractive investment opportunities, such as Central Park, to develop our commercial property portfolio in line with our stated strategy," Stephen Vernon, chairman Green Property REIT Ventures Limited, the Investment Manager, said in a statement. 

The REIT was the first created in Ireland after the introduction of REITs in the country last year. It raised €310 million in its initial public offering. 

Its first purchase was a commercial property portfolio, also from Danske Bank, for €127.6 million. 

According to the fund's interim results, it has invested €214 million at a blended initial yield of 8.7 percent. In 2013, it invested €191 million, with another €23 million so far this year. Its portfolio covers 905,000 square feet of office, retail and industrial space, among others. 

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