Green REIT PLC Green REIT sells Westend Retail Park, Dublin (3938P)
26 May 2018 - 12:42AM
UK Regulatory
TIDMGRN
RNS Number : 3938P
Green REIT PLC
25 May 2018
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014
Green REIT sells Westend Retail Park, Blanchardstown, Dublin
15
Dublin, 25 May, 2018 | Green REIT Plc, ("Green REIT", or "the
Company"), announces that it has today exchanged contracts for the
sale of Westend Retail Park in Blanchardstown, Dublin 15, to a DWS
real estate fund. The cash consideration of EUR147.7 million is
broadly in line with the most recent valuation of the property of
EUR147.1 million at 31 December 2017. The sale is expected to
complete by the end of June 2018.
Westend Retail Park comprises 21,437 square metres (230,742
square feet) of retail space and 6,619 square metres (71,249 square
feet) of office space, and was acquired by the Company in October
2014. Its annual contracted rent is EUR8.5 million, from tenants
including Next, Heatons, New Look, Lidl, Nike and Argos,
representing 11% of the Company's current total annual contracted
rent. Based on the 31 December 2017 valuations and interim results
of the Company, Westend Retail Park represents 10.2% of the
Company's portfolio valuation and 12.6% of its IFRS Net Asset
Value.
The net proceeds from the sale will be applied in reducing the
Company's revolving credit facility, thereby providing access to
debt capital for future investment in development projects at the
Company's strategic land holdings, namely its Central Park office
park in South Dublin and at Horizon Logistics Park, adjacent to
Dublin Airport.
Pat Gunne, Chief Executive of Green Property REIT Ventures,
commented: "The disposal of Westend Retail Park, representing a 55%
profit on cost, is in line with our stated strategy of recycling a
portion of our capital to invest in higher return development
projects in Horizon Logistics Park and Central Park, while
maintaining balance sheet discipline below our self-imposed 25%
gearing level."
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 0884
London: Giles Barrie / Claire Turvey
+44 (0)20 3727 1000
greenreit@fticonsulting.com
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END
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May 25, 2018 10:42 ET (14:42 GMT)
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