20th Feb 2014 17:49
LONDON (Alliance News) - Green REIT PLC Thursday said it is to acquire a portfolio of commercial and residential real estate in Dublin for EUR311.5 million, as part of a joint venture with LVS II CP Investor Ltd.
The Irish property investment company said that The Central Park Limited Partnership, a joint venure between the company and LVS II CP Investor, has exchanged contracts to acquire the real estate portfolio, known as Central Park, from receivers appointed by the National Asset Management Agency and Devano Developments Ltd. It expects the completion to occur in March 2014.
The Central Park Limited Partnership is a 50:50 joint venture owned by Green REIT and LVS II.
The total investment by Green REIT will be around EUR120 million, inclusive of costs, the company said.
The commercial property portfolio in Central Park comprises six, modern buildings covering approximately 691,000 square feet in South Dublin, and the portfolio currently generates EUR14.45 million per year of passing rent.
"Our total invested capital following this transaction will exceed ?334 million," said Chairman Gary Kennedy in a statement.
Shares in Green REIT closed 0.8% higher Thursday, at EUR1.24 per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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