Green REIT sells Parkway Retail Park

Green REIT has exchanged contracts for the sale of Parkway Retail Park in Limerick, with completion expected by the end of March 2017. The contract price of EUR24.3 million is payable in two tranches, with EUR1.3 million of the price subject to securing planning consent for a vacant unit in the property for which a tenant has been secured. The contract price reflects a 4.4% uplift on the 31 December 2016 valuation, and a profit to the Company of 74% on the cost of the property, which was acquired in late 2013.

Caroline McCarthy, Chief Investment Officer of Green Property REIT Ventures commented: “This sale brings the proceeds from the Company’s disposal programme to EUR99 million, in line with target. The total profit realised from the sale of the five properties was EUR42.4 million, or 75% on purchase cost.”

GRN : Green REIT sells Parkway Retail Park

Leave a Reply

Your email address will not be published. Required fields are marked *