A mixed portfolio of commercial properties assembled by Green Reit is expected to sell for more than €168.7m. It is being offered for sale from today through agents JLL. The investment will show a initial yield of 6.6%.
Four of the six properties are in Dublin and range from the mixed use Arena Centre in Tallaght to the Ormond office building fronting the river Liffey in the city centre; another office investment, Classon House in Dundrum, and a car park in Parnell Street. Bidding on the four assets will be accepted on an individual basis or as a portfolio format to allow maximum flexibility.
The remaining two investments, due to be sold together, are Globe Retail Park in Naas and the Parkway Retail Park in Limerick. The Glas Collection comprises over 69,677 sq.m (750,000 sq.ft) of commercial space across more than 58 commercial properties (excluding the car park and 63 apartments in Tallaght) with a total passing rent of €11.5m per annum. There is a mix of lease lengths with an overall “weighted average unexpired lease term” of about nine years.
Pat Gunne, chief executive of Green Property Reit Ventures, said they were bringing the range of properties to the market as part of their strategy to maintain their intended total gearing level below 25%. “We recently acquired full control of Central Park and announced that we would be making a number of asset disposals in 2016 to achieve that objective.”
Article by Irish Times