Green REIT Plc, (“Green REIT” or the “Company”), the Irish property investment company, confirms that it has exchanged unconditional contracts to acquire an office building at 13-17 Dawson Street in Dublin 2 for €23 million (€23.7 million inclusive of estimated acquisition costs).
The acquisition, when completed, will be in line with the Company’s stated objective to assemble a portfolio of prime and good quality secondary properties with a Dublin focus.
The building, with substantial frontage onto both Dawson Street and Molesworth Street, is one of Dublin’s most prime CBD redevelopment opportunities and has the potential to accommodate a substantial redevelopment scheme which doubles the existing lettable area, subject to planning permission.
Pat Gunne, Chief Executive, Green Property REIT Ventures commented: “This acquisition presents us with another very exciting Dublin city centre redevelopment opportunity in the heart of Dublin’s CBD, at a time when there is a stark shortage of supply of quality office space in the city centre.”
The vendors were Joint Receivers Simon Coyle & Tom O’Brien (Mazars) for Shelbourne Properties in Receivership, with Patrick Curran of BNP Paribas Real Estate, handling the sale.