Five of Green REIT’s prime office assets in Dublin have been put on the market for more than €400m.
Henderson Park, which acquired Green REIT in November 2019, is selling One Molesworth Street, 2 Burlington Road, Five Harcourt Road, 30-33 Molesworth Street and Fitzwilliam Hall in the Irish capital.
It has appointed Eastdil to market the properties, which may be sold individually or as a portfolio. They are over 98% occupied and have an average WAULT of 11 years.
It is understood that Henderson Park plans to invest €300m developing and improving the rest of Green REIT’s portfolio.
“Henderson Park is committed to the Irish real-estate market for the long-term. Our focus as an active asset manager is to identify assets where we can apply our investment and development expertise to generate strong returns for our investors. We are establishing a permanent operating presence in Dublin and now have a strong local team to manage our existing portfolio and support our Irish development pipeline,” said Christophe Kuhbier, managing director of Henderson Park.
“Following our initial investment in Dublin at HSQ in mid-2019, we subsequently acquired the Green REIT portfolio in its entirety. We now have assets in all major sectors of the Irish real-estate market: offices, logistics and residential. We own some of the most attractive office assets in the city. Our strategy from the outset has been to dispose of certain assets to long-term institutional investors and re-deploy that capital in the development of other assets within the portfolio. We are bringing to market five prime assets and believe there will be significant international investor interest in the sales process.”