25th May 2018 17:13
LONDON (Alliance News) - Green REIT PLC said Friday that it has sold Westend Retail Park located in Blanchardstown, a suburb of Dublin, Ireland, to a DWS real estate fund for EUR147.7 million.
Proceeds from the sale will be used by Green REIT in reducing its revolving credit facility.
The real estate investment trust said the sale consideration is broadly in line with the most recent valuation of the property of EUR147.1 million at 2017 end. The sale is expected to complete by the end of June.
The retail park comprises 21,437 square metres of retail space and 6,619 square metres of office space, and was acquired by the company in October 2014. Its annual contracted rent is EUR8.5 million, representing 11% of the company's current total annual contracted rent.
The property represented 10.2% of the company's portfolio valuation and 12.6% of its net asset value.
Green REIT shares closed at EUR1.60 each, up 0.8%.
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