Green REIT completes Central Park deal
Green REIT has completed the deal to buy Central Park, located in Leopardstown in south Dublin.
The Central Park Limited Partnership, a joint venture between Green REIT and LVS II CP Investor Ltd. (“LVS II”), an entity sub-advised, advised or managed by Pacific Investment Management Company LLC or its affiliates, has completed the acquisition.
The Central Park Limited Partnership is a 50:50 joint venture owned by Green REIT and LVS II. Green Property REIT Ventures Limited will act as investment manager for the joint venture.
Central Park comprises 6 high quality, modern buildings covering approximately 691,000 square feet in Leopardstown, South Dublin. The portfolio has 87pc occupancy and main tenants include Vodafone, Merrill Lynch, Ulster Bank, Tullow Oil, Leaseplan and Salesforce. Discussions are underway with a number of tenants on the vacant space.
There is a further approximately 7.4 acres of development land with planning permissions for approximately a further 700,000 square feet of development.
Green REIT chairman Gary Kennedy said the acquisition represents significant further progress towards its stated objective of assembling a portfolio of commercial property assets which require active asset management and will deliver targeted shareholder returns.
“Our total invested capital following this transaction, including debt and equity, will exceed €334m,” he stated.