3rd Feb 2016 08:40
LONDON (Alliance News) - Green REIT PLC on Wednesday said it is seeking to sell "The Glas Collection", which spans more than 750,000 square feet of commercial space across more than 58 commercial units.
Four of the six Irish properties in the collection are in Dublin, while the other two are in Limerick.
The collection's total passing rent amounts to about EUR11.5 million per annum, Green REIT said, adding that the total guide price exceeds EUR168.7 million, equating to an initial yield of approximately 6.6%.
"We are bringing these assets to the market as part of our strategy to achieve our intended total gearing level of 25%. We recently acquired full control of Central Park and announced that we would be making a number of asset disposals in 2016 to achieve that objective," Pat Gunne, CEO, Green Property REIT Ventures Ltd, said.
The Irish property investment company completed the EUR155.0 million acquisition of the Irish business park in January, increasing its ownership from 50% previously.
Shares in Green REIT were untraded at EUR1.46 on Wednesday early morning.
By Samuel Agini; [email protected]; @samuelagini
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