German institutional investor DWS has purchased a retail park in Dublin for €147.7 mln from Irish investor Green REIT.
According to Green, the price is €600,000 above the most recent valuation.
'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,' commented Pat Gunne, chief executive of Green Property REIT Ventures, investment manager to the company.
The 21,437 m2 asset, which comprises 67% retail and 33% office, stands adjacent to Blanchardstown Shopping Centre, which Green Property sold to Blackstone for over €950 mln in 2016.
The sale is expected to complete by the end of June 2018.
Westend Retail Park's annual contracted rent is €8.5 mln, from tenants including Next, Heatons, New Look, Lidl, Nike and Argos, representing 11% of the company’s current total annual contracted rent.
The net proceeds from the sale will be used to reduce the company’s revolving credit facility, providing access to debt capital for future investment in development projects, namely the Central Park office park in South Dublin and at Horizon Logistics Park, adjacent to Dublin Airport, Green said.
