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.