Green REIT buys Pimco out of Dublin office project for €155m

Ireland's Green REIT has bought US asset manager Pimco out of its joint venture at the Central Park suburban development site in Dublin for €155 mln.

Located in the Dublin suburb of Leopardstown, the commercial component of the Central Park scheme comprises five modern office buildings and a retail/restaurant building totalling 691,000 m2 (64,200 m2). The deal also includes three hectares of development land.

Green REIT said the all-in cost of the transaction would be €160 mln. The deal will be funded by a revolving credit facility with Barclays Bank (€85 mln) and by taking over Pimco's 50% of Bank of Ireland debt secured against the Central Park properties (€75 mln).

The purchase price reflects a value of €428 per square foot and an equivalent yield of 5.6% on the investment assets.

The residential component of Central Park, known as Vantage, is owned by Kennedy Wilson and the Bewley’s Hotel on the site is owned by Moran’s Hotels.