Irish property management group Green Reit has sold the Westend Retail Park in Blanchardstown, Dublin, to a DWS real estate fund for €147.7m (£128.9m).The sale amount is in line with the most recent valuation of the property, which was €147.1m (£128.4) in December 2017.
The retail park comprises 230,742 sq ft of retail space and 71,249 sq ft of office space, and was acquired by Green Reit in October 2014. Its annual contracted rent is €8.5m (£7.4m), from tenants including Next, Heatons, New Look, Lidl, Nike and Argos, which represent 11% of the firm’s current total annual contracted rent.
The net proceeds from the sale will be applied in reducing the company’s revolving credit facility, providing access to debt capital for future investment in development projects.
Pat Gunne, CEO of Green Reit, said: “The disposal of Westend Retail Park, representing a 55% profit on cost, is in line with our stated strategy of recycling a portion of our capital to invest in higher return development projects in Horizon Logistics Park and Central Park, while maintaining balance sheet discipline below our self-imposed 25% gearing level.”