A real estate fund managed by DWS is buying a retail park in the Republic of Ireland for €147.7m from Green REIT.

Green REIT said it has agreed to sell Westend Retail Park in Blanchardstown, Dublin 15 to Deutsche Asset Management’s new global brand.

Westend Retail Park comprises 21,437sqm of retail space and 6,619sqm of office space.

In October 2014, Green REIT completed the acquisition of the Sapphire Portfolio for €375m. The portfolio was made up of office buildings at Georges Quay and George’s Court, Dublin 2 and retail and other commercial space in Westend Retail Park.

The Irish real estate investment trust said the net proceeds from the sale will be applied in reducing the company’s revolving credit facility.

Pat Gunne, the chief executive of Green Property REIT Ventures, said: “The disposal of Westend Retail Park, representing a 55% profit on cost, is in line with our stated strategy of recycling a portion of our capital to invest in higher return development projects in Horizon Logistics Park and Central Park, while maintaining balance sheet discipline below our self-imposed 25% gearing level.”

The deal is expected to complete by the end of June.