Green REIT Commences Construction at Block H in Central Park, Dublin
Green REIT the Irish property investment company, has just issued an interim management statement covering the period from 1 January, 2015 to the date of this statement.
The statement highlights, the construction of Block H in Central Park, an office building of 147,000 square feet which commenced on 27 April 2015 and progress being made with planning consents for the Company’s other development properties. New lettings have been achieved with €1.12 million of contracted rent secured, with a further €0.7 million of lettings under negotiation.
Gary Kennedy, Chairman Green REIT Plc, commented: Green REIT Plc “Following a very active period of portfolio assembly to December 2014, the period from 1 January 2015 to date has been a relatively stable period during which the focus was on continuing to drive value for shareholders through the range of asset management and development initiatives being implemented by the Investment Manager, combined with the continued selective acquisition of properties with strong growth potential. Our outlook for the period ahead remains positive, with the Company well placed to perform strongly against the backdrop of a strengthening domestic economy and the continuing shortage of supply of quality office space in particular. The Company remains committed to the generation of strong rental income and capital growth”
Pat Gunne, Chief Executive, Green Property REIT Ventures Limited, the Investment Manager, commented: “This is an exciting stage in the evolution of Green REIT as we commence our office development at Central Park and progress the other Dublin city centre development opportunities through the planning process. We remain focused on active asset management within our portfolio, and continuing to source accretive acquisitions. The market remains competitive, and returns are still at their highest in the Dublin office sector, where we have invested a substantial portion of our capital.”