Green REIT has appointed JLL to sell “The Glas Collection” by private treaty on its behalf. The Collection comprises six properties and provides exposure to almost all Irish property sectors, with a diversified and secure income stream.
Four of the six properties are in Dublin and include the mixed use Arena Centre in Tallaght, Ormond Building in Dublin city centre, Classon House in Dublin 14 and Parnell Car Park in Dublin 1. The other two assets are Globe Retail Park in Naas and Parkway Retail Park in Limerick.
The Glas Collection comprises over 69,677 sq m (750,000 sq ft) of commercial space across more than 58 commercial units (excluding Parnell Car Park and the 63 Arena apartments), with a total passing rent of approximately EUR11.5 million per annum. The total guide price is in excess of EUR168.7 million, which equates to an initial yield of approximately 6.6%.
Pat Gunne, CEO, Green Property REIT Ventures Limited, commented: “We are bringing these assets to the market as part of our strategy to achieve our intended total gearing level of 25%. We recently acquired full control of Central Park and announced that we would be making a number of asset disposals in 2016 to achieve that objective.”
GRN : Green REIT looking for €170m from Glas sale