Green REIT deals top €178m

The property investment firm Green REIT has invested €178m in three deals over the past two months, including the IN&M printworks in Citywest and the EBS headquarters in Dublin 4, as well as the commercial portfolio acquired from Danske Bank, according to its interim management statement.

Green REIT deals top €178m

The company listed on the Irish Stock Exchange in July and raised €310m for investment opportunities in the Irish commercial property market.

Green REIT paid €46.5m for the headquarters of the EBS Building Society on Burlington Rd, Dublin. The property has an area of 81,203 sq ft and an initial net yield of 8.6%. It is currently let to EBS and there are three years left on the current lease.

“Green REIT has exchanged contracts with the vendor, Hardwicke, and the transaction is expected to close in due course,” it said in a statement.

The REIT [real estate investment trust] acquired the printing works of Independent News & Media for €4.23m on an initial net yield of 9.1%. The 65,000 sq ft property is based on a 4.4 acre site and it is situated on the outskirts of Dublin. The transaction has been completed.

“The acquisition of these Grade A buildings in Dublin brings our total invested capital to €178m and demonstrates our ability to source high quality investments both on and off-market,” said Stephen Vernon of Green REIT. “Our acquired portfolio is consistent with our stated strategy and we look forward to investing further in the Irish commercial property market and delivering attractive returns for our shareholders.”

It had previously been announced that Green REIT had taken over the €127.6mn commercial property portfolio of Danske Bank, which has an aggregate yield of 8.5%.

According to the interim management statement, the Portfolio comprises 10 properties, eight of which are in Dublin. The portfolio is a mix of prime and good secondary assets; totals over 708,000 sq ft; and is 84% let with a weighting towards the retail (37%) and office (29%) sectors.

The properties generate a net rental income of €10.6m from a strong base of 65 tenants, including Bank of Ireland, Homebase, Lidl, TK Maxx, and Woodies.

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