Monday, 19 August, 2019

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Major Irish offices landlord Green Reit sold to British fund for €1.34bn

Office landlord Green Reit, which owns key properties in Dublin, including One Molesworth Street, George’s Quay and properties on Harcourt St, as well as One Albert Quay in Cork, has been sold for €1.34bn, confirming that the buyer is the British fund Henderson Park.

The property firm, which enjoyed favourable tax treatment under special legislation, had surprised the market when it put itself up for sale in April, saying the stock market had long failed to reflect the true value of its office properties, as well as a logistics facility close to Dublin Aiport.

The sale decision sparked considerable debate about the outlook for the Irish commercial property market.

The announcement failed to do much to boost the shares of other property firms, which have been weighed down by Brexit and fears of a global recession.

The growth in commercial property rents, which had climbed sharply in the early years of the recovery, have slowed in more recent times.

Property veterans Stephen Vernon and Pat Gunne who head up the firm, as well as beef processing plant-owner Larry Goodman, who had built up a stake in recent times, will benefit from the sale.

Henderson Park CEO Nick Weber said the acquisition showed its confidence in the market here.

“The acquisition of Green Reit offers a rare opportunity to invest in a large institutional-quality office portfolio and a strategic logistics park through a single transaction…We believe in the short-term and long-term prospects of the Irish market with its strong macroeconomic backdrop and underlying real estate fundamentals,” he said.

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