19th Nov 2015 09:38
LONDON (Alliance News) - Irish property investor Green REIT PLC on Thursday said it has signed a conditional deal to acquire full control of the Central Park development in Dublin from its joint venture partner.
The company will pay EUR155.0 million to acquire the full property, which will be funded via its revolving credit facility with Barclays Bank and by it taking over its joint venture partner's debt secured against the Central Park project with Bank of Ireland.
The deal will increase Green REIT's annual passing rent by 14% to EUR58.9 million, with its annual contracted rent to rise 16% to EUR64.4 million.
"We are delighted to acquire full control of Central Park, which is widely acknowledged as Ireland's premier business park," said Pat Gunne, the chief executive of Green Property REIT Ventures, Green REIT's investment manager.
Shares in Green REIT were down 1.5% at EUR1.49 Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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