Irish firm Green REIT has bought a 60,000 m2 portfolio of Dublin retail and office assets from Cosgrave Property Group.
Irish firm Green REIT has bought a 60,000 m2 portfolio of Dublin retail and office assets from Cosgrave Property Group.
Green REIT funded the deal with cash, but plans to raise debt against the assets.
The portfolio has an occupancy rate of 97%, with office tenants including Invesco and Northern Trust. Retail tenants include Next, Nike and Gap. The sites will generate a total rent of €23.7 mln per year once current rent-free offers have expired.
Green REIT launched in July 2013 and will have more than €719 mln invested once the deal completes.
The vendor, Irish developer Cosgrave Property Group, said the sale, ‘represents the culmination of a strategy to deleverage the business and to concentrate on its extensive development portfolio’.