Hot property Green REIT sells for €1.34bn

British property player Henderson Park Capital has completed the acquisition of Irish property firm Green REIT in a deal valuing it at €1.34bn.

Green REIT shareholders will be entitled to €1.91 in cash per share, a 4.9pc premium on the company’s closing price on Tuesday 13 August.

“We believe in the short-term and long-term prospects of the Irish market with its strong macroeconomic backdrop and underlying real estate fundamentals”

Since the acquisition became news there has been speculation about Henderson Park’s plans for the Irish company’s property portfolio, with some reports indicating it plans to offload up to 50pc of Green REIT’s portfolio once it secures ownership.

Location, location, location

Green REIT put itself up for sale in April, in reaction to sentiment that the stock market failed to reflect the true value of its office properties which include One Molesworth Street, George’s Quay, properties on Harcourt Street, One Albert Quay in Cork as well as a logistics facility close to Dublin Airport.

Main beneficiaries from the sale of the company to Henderson Park include property industry veterans Stephen Vernon and Pat Gunne as well as beef industry veteran Larry Goodman.

“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,” said Henderson Park’s CEO Nick Weber.

“We believe in the short-term and long-term prospects of the Irish market with its strong macroeconomic backdrop and underlying real estate fundamentals.”

Written by John Kennedy (john.kennedy3@boi.com)

Published: 15 August 2019

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