DWS acquires €148m Dublin retail park

Westend Retail Park

Green REIT has exchanged on the sale of Westend Retail Park in Dublin to a DWS real estate fund for €147.7m (£129.3m).

The sale of the Blanchardstown retail park which contains 230,742 sq ft of retail space and 71,249 sq ft office space is expected to complete by the end of June. The cash price is slightly above the most recent valuation of €147.1m at 31 December 2017.

Retail tenants of the park include Next, Heatons, New Look, Lidl, Nike and Argos delivering an annual contracted rent of €8.5m. The net proceeds from the sale will be applied in reducing the company’s revolving credit facility ahead of planned further at its Central Park office park in South Dublin and at Horizon Logistics Park adjacent to Dublin Airport.

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