Completion of Two Substantial Dublin Acquisitions for Total Consideration of €409.5 million
Green REIT Plc, (“Green REIT” or the “Company”), the Irish property investment company, confirms that it has completed the acquisition of the Sapphire Portfolio for €375 million (€385.3 million inclusive of acquisition costs).
In addition, the Company has completed the acquisition of 13-17 Dawson Street, Dublin 2, for €23 million (€24.2 million inclusive of acquisition costs).
The Company’s total passing rent is now €52.8 million per annum, representing an investment income yield of 7.1% on the portfolio. Green REIT has acquired a total of 24 high quality assets with a current occupancy rate of 92%. Following these acquisitions 96% of the Company’s properties, by value, are in Dublin. The portfolio assembled to date is in line with Green REIT’s stated objective to assemble a portfolio of prime and good quality secondary properties with a Dublin focus.
The Sapphire Portfolio The portfolio comprises iconic office buildings at Georges Quay and George’s Court, Dublin 2 and retail and other commercial space in Westend Retail Park, Blanchardstown, Dublin 15.