Green REIT boosts rent roll as sales talks continue
Dublin-based developer Green REIT has increased its rent roll, according to a trading statement for the period 1 January to 24 June.
The firm, which is looking for bidders for its assets, reported its annual rent roll had risen by 10% from €75.5m to €79.4m (£71m), or €83.3m when lettings from lease deals with terms agreed are included.
Gary Kennedy, chairman of Green REIT, said the group was pleased with how the sale process is progressing and the level of interest expressed to date.
Dublin-based developer Green REIT has increased its rent roll, according to a trading statement for the period 1 January to 24 June.
The firm, which is looking for bidders for its assets, reported its annual rent roll had risen by 10% from €75.5m to €79.4m (£71m), or €83.3m when lettings from lease deals with terms agreed are included.
Gary Kennedy, chairman of Green REIT, said the group was pleased with how the sale process is progressing and the level of interest expressed to date.
“We will provide a further update to shareholders as and when appropriate,” he said.
The company reported a vacancy rate of 5% for the period, having signed one new letting and agreed terms on two other lettings at George’s Quay Estate, including one to WeWork for the launch of its “Headquarters” brand in Dublin.
These lettings will lead to a reduction in annual void costs of approximately €400,000, Green REIT said.
Green REIT has also agreed terms for the retail space at One Molesworth Street, at an annual rent of €505,000, which will bring the building to full occupancy, delivering a total rent of €5.85m a year.
Last week, EG reported that Goldman Sachs had emerged as a contender to buy Green REIT or some of its assets.
Indicative bids came in on 12 June, and it is thought that around eight firms took part.
Other names linked to the portfolio include Brookfield, Kennedy Wilson, and Irish Life.
A slew of German funds including Union, the investment arm of DZ Bank Group, are also understood to be vying for the portfolio.
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