Green REIT PLC Sale of Parkway Retail Park, Limerick (0808Z)
10 March 2017 - 6:00PM
UK Regulatory
TIDMGRN
RNS Number : 0808Z
Green REIT PLC
10 March 2017
Sale of Parkway Retail Park, Limerick
Dublin, 10 March, 2017 | Green REIT Plc, ("Green REIT", or "the
Company"), announces that it has exchanged contracts for the sale
of Parkway Retail Park in Limerick, with completion expected by the
end of March 2017. The contract price of EUR24.3 million is payable
in two tranches, with EUR1.3 million of the price subject to
securing planning consent for a vacant unit in the property for
which a tenant has been secured. The contract price reflects a 4.4%
uplift on the 31 December 2016 valuation, and a profit to the
Company of 74% on the cost of the property, which was acquired in
late 2013.
Caroline McCarthy, Chief Investment Officer of Green Property
REIT Ventures commented: "This sale brings the proceeds from the
Company's disposal programme to EUR99 million, in line with target.
The total profit realised from the sale of the five properties was
EUR42.4 million, or 75% on purchase cost."
ENDS
Contacts
Green Property REIT Ventures (Investment Manager to the
Company)
Niall O'Buachalla
+353 (0) 1 2418400
FTI Consulting (IR and PR to the Company)
Dublin: Jonathan Neilan
+353 (0) 1 6633686
London: Giles Barrie / Claire Turvey
+44 (0)20 3727 1000
greenreit@fticonsulting.com
About Green REIT Plc
Green REIT Plc is an Irish Real Estate Investment Trust ("REIT")
and is listed on the Irish and London Stock Exchanges. The Company
was the first REIT established in Ireland following the
introduction of REIT legislation by the Irish Government. The
Company's stated strategy is to create a property portfolio
consisting primarily of commercial property in Ireland to deliver
income and capital growth through opportunistic investments, active
property management and prudent use of debt finance. Please visit
www.greenreitplc.com
Note on forward-looking information
This Announcement contains forward-looking statements, which are
subject to risks and uncertainties because they relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends, and similar expressions concerning
matters that are not historical facts. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of the Company or the industry in which it operates,
to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The forward-looking statements referred to in this
paragraph speak only as at the date of this Announcement. The
Company will not undertake any obligation to release publicly any
revision or updates to these forward-looking statements to reflect
future events, circumstances, unanticipated events, new information
or otherwise except as required by law or by any appropriate
regulatory authority.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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