Irish property investment company Green REIT has approved a deal to buy two office buildings in Dublin city centre for 32m.
The 2 offices, both in Dublin 2, are 76-78 Harcourt Street and 4 & 5 Harcourt Road. The Harcourt Street block expands to approximately 24,400 square feet and it has been let to a government tenant at a passing rent of 1m a year.
4 & 5 Harcourt Road was constructed in the late 1970s and is approximately 32,800 square feet. It is in addition let out to a government tenant until October 2015 at a passing rent of 1.26m a year.
Green REIT said that the purchases are in line with its stated objective of assembling a portfolio of prime and good quality secondary properties with a Dublin focus.
The company in addition said that Bank of Ireland Corporate Banking has provided a term loan to the company and its partners for the Central Park deal. Green REIT's 50% share of this bank borrowing is 75m and represents its first bank borrowings.
The company's chairman Stephen Vernon said, "This first major bank debt raising for Green REIT with Bank of Ireland is a milestone in our development and we look forward to continuing our long term relationship in Central Park .