Green REIT spends €12m on land at Dublin Airport

Publicly-quoted property investment fund, Green REIT, has significantly expanded its land estate near Dublin Airport, by purchasing 164 acres for €12.25m.

The land is adjacent to the company’s Horizon Logistics Park development, close to the airport, and boosts the size of Green REIT’s landbank in the area to 264 acres.

The company’s development director, Paul Culhane, said the securing of such a significant land holding, between Dublin Airport and the M50 motorway, is “very exciting”, “particularly with the underlying fundamentals of the logistics sector, including the growth of e-commerce, being so strong.”

The purchase also comes at a time when demand and rental values for modern logistics units are rising.

Green REIT also yesterday announced it has signed an agreement “with an international business services provider” for the lease of its newly-developed office building at 32 Molesworth Street, in Dublin.

It is understood that hedge fund operator, Maples Fund Services — a spin-off of Dublin-based law firm, Maples & Calder — is taking up the €1.6m per year lease. The agreement is for 20 years, with breaks in years ten and 15.

Mr Culhane said that renting out this office would enhance Green REIT’s income profile and the company is progressing with securing lettings for its other vacant, major Dublin developments, while extension work at its Central Park development, in south Dublin, should be complete by the end of the year.

From Irish Examiner (16/12/2016)