Green REIT agrees €32m deal for two Dublin city centre offices

Friday 20 June 2014 14.35
Green REIT expands Dublin office portfolio
Green REIT expands Dublin office portfolio

Irish property investment company Green REIT has agreed a deal to buy two office buildings in Dublin city centre for €32m.

The two offices, both in Dublin 2, are 76-78 Harcourt Street and 4 & 5 Harcourt Road. The Harcourt Street block extends to about 24,400 square feet and it has been let to a government tenant at a passing rent of €1m a year.

4 & 5 Harcourt Road was built in the late 1970s and is about 32,800 square feet. It is also let out to a government tenant until October 2015 at a passing rent of €1.26m a year.

Green REIT said the purchases are in line with its stated objective of assembling a portfolio of prime and good quality secondary properties with a Dublin focus.

The company also said today that Bank of Ireland Corporate Banking has provided a term loan to the company and its partners for the Central Park deal. Green REIT's 50% share of this bank borrowing is €75m and represents its first bank borrowings.

"This first major bank debt raising for Green REIT with Bank of Ireland is a milestone in our development and we look forward to continuing our long term relationship in Central Park," commented the company's chairman Stephen Vernon.