Green REIT has completed two acquisitions in the Irish real estate market for a total volume of €409 mln.
Green REIT has completed two acquisitions in the Irish real estate market for a total volume of €409 mln.
The London and Dublin-listed investor said on 20 October that it had completed the acquisition of the Sapphire Portfolio for €385.3 mln (inclusive of acquisition costs) and the purchase of 13-17 Dawson Street, Dublin 2 for €24.2 mln.
Green REIT's total passing rent is now almost €53 mln per annum, representing an investment income yield of 7.1% on the portfolio. Since it was founded in 2013 the company has acquired a total of 24 high quality assets with a current occupancy rate of 92% for a total investment of €774 mln.
Following the latest acquisitions 96% of the company's properties by value are in Dublin. The portfolio assembled to date is in line with Green REIT's stated objective to assemble a portfolio of prime and good quality secondary properties with a Dublin focus.
The Sapphire Portfolio was acquired at a 6% yield. It comprises iconic office buildings at Georges Quay and George's Court, Dublin 2 and retail and other commercial space in Westend Retail Park, Blanchardstown, Dublin 15.
The property at 13-17 Dawson Street is one of Dublin's most prime CBD redevelopment opportunities, Green REIT said.
