IN-DEPTH: Green REIT acquires Irish portfolio for €375m

Green REIT, the Irish property investment company, has exchanged conditional contracts with the Cosgrave Property Group for a portfolio of Irish assets.

THE DEAL

The Dublin-based REIT acquired a substantial portfolio of commercial real estate assets in Dublin for €377.7 million ($511.2 million), which increases to €384.4 million ($520.5 million) when including estimated acquisition costs, in an off-market all-cash transaction.

The acquisition, when completed, will be in line with the company’s stated objective to assemble a portfolio of prime and good quality secondary properties with a Dublin focus.

Following this transaction, Green REIT will have invested equity of €644.8 million ($872.2 million), representing 94 percent of the total equity raised by the REIT since its launch in July 2013 of €685 millio