AIB will pay annual rent of €4.8m to Green Real Estate Investment Trust (REIT) to lease a newly-completed office building in South Dublin.

The 20 year lease in Green's Central Park development in Dublin 18 brings to €23.7m the annual rent roll from the office park.

It represents just over a third of Green REIT's overall rental income and the park is now fully let.

The rent equates to €27 per square foot.

Prime city centre office rents in Dublin are now touching €70 per square foot. Paul Culhane, Development Director of Green Property REIT said the deal highlighted the "value proposition" for tenants at its development.
 

"We look forward to creating additional value for our shareholders by exploiting the further development potential at Central Park and adding to what is already a substantial rent roll in the park of €23.7 million per annum," he said.