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 €4.8 million, which equates to €291 per square metre (€27 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 €23.7 million per annum, representing 34% of the Company’s contracted annual rent of €70 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 €23.7 million per annum.”
Green Property REIT Ventures (Investment Manager to the Company)
+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
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.