Ireland's Green REIT has announced the purchase of 164 acres of land adjacent to its existing holding at Horizon Logistics Park at Dublin Airport for a total consideration of €12.25 mln.
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. Green REIT said that the transaction increased its strategic land holding adjacent to Dublin Airport at a time when demand and rental values for well-located modern logistics units are growing.
'In addition to the progress we are making on our developments, to secure such a significant land holding between the airport and Dublin’s main motorway, the M50, is very exciting, particularly with the underlying fundamentals of the logistics sector, including the growth of ecommerce, being so strong,' commented Paul Culhane, development director of Green Property REIT Ventures.
The company also announced that it had secured the first tenant on a 20 year lease for the first of its office developments to complete, 32 Molesworth Street in Dublin 2.
'We look forward to securing lettings for our other three office developments, all of which are going to plan. Block H in Central Park in Dublin’s South suburbs is also due for completion by year end,' concluded Culhane.
