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Green REIT lets 32 Molesworth Street, Dublin 2 and acquires 164 acres at Dublin Airport

Green REIT has announced that it has signed an agreement to lease the entire of its newly-developed office building at 32 Molesworth Street in Dublin 2 (pictured), which comprises approximately 2,973 square meters (32,000 square feet) of lettable area. The agreement is for 20 years, which the company says is with an international services provider, has breaks in years 10 and 15, and a rent per square foot of €51.70. This is the first letting of one of the Company’s new office developments, which the company says has been delivered on time and on budget. Paul Culhane, Development Director of Green Property REIT Ventures, says that the letting is 14% ahead of the company’s most recent estimates and will enhance the company’s income profile and overall WAULT.

Green REIT has also exchanged contracts to acquire approximately 164 acres of land adjacent to its existing holding at Horizon Logistics Park at Dublin Airport, for a total consideration of €12.25 million. The acquisition, which is expected to complete before the end of 2016, brings the Company’s total land holding for Horizon Logistics Park to approximately 264 acres. The company says that the transaction increases its strategic land holding adjacent to Dublin Airport at a time when demand and rental values for well-located modern logistics units are increasing.

Green REIT lets 32 Molesworth Street, Dublin 2 and acquires 164 acres at Dublin Airport : GRN

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