Green REIT plc Statement re Letting of New Office Building in Central Park
30 May 2017 - 4:00PM
UK Regulatory
TIDMGRN
Letting of New Office Building in Central Park
Green REIT Plc, ("Green REIT", or "the Company"), announces that
it has signed an agreement with Allied Irish Banks plc ('AIB') to
lease the entirety of its recently completed office building at
Central Park in Dublin 18.
The letting comprises 14,701 square metres (158,244 square feet)
of lettable space on a 20 year lease from May 2017, with a tenant
break option at the end of year 12. The annual rent payable by AIB
is EUR4.8 million, which equates to EUR291 per square metre (EUR27
per square foot). AIB is entitled to a 12 month rent free period
under the terms of the agreement.
This letting will bring the total contracted rent in Central
Park to EUR23.7 million per annum, representing 34% of the
Company's contracted annual rent of EUR70 million, with full
occupancy throughout the 79,000 square metres (850,000 square feet)
of lettable space in the office park. The remaining land at Central
Park provides additional optionality to Green REIT for further
development, where planning consents are in place for a further
37,160 square metres (400,000 square feet) of office space, which
includes Block I, comprising 9,020 square metres (97,100 square
feet), and which is fully designed.
Paul Culhane, Development Director of Green Property REIT
Ventures, commented: "We are delighted to welcome AIB to Central
Park. Securing a tenant of this calibre confirms Central Park's
status as Dublin's premier office park. It also highlights the
value proposition for tenants in Central Park, which has city
centre quality offices, but at rents of less than 50% of those in
the city centre.
We look forward to creating additional value for our
shareholders by exploiting the further development potential at
Central Park and adding to what is already a substantial rent roll
in the park of EUR23.7 million per annum."
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) 1 765 0886
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.
View source version on businesswire.com:
http://www.businesswire.com/news/home/20170529005347/en/
This information is provided by Business Wire
(END) Dow Jones Newswires
May 30, 2017 02:00 ET (06:00 GMT)
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