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Are Irish eyes smiling yet again?
Ireland, especially the Dublin market, is seeing a resurgence of activity following the global financial crisis — which hit the nation hard.
One of the signs of green shoots is the country’s first I-REIT. Green REIT Plc had an initial public offering in July 2013, raising €310 million. Now, the firm has begun investing that capital.
Green REIT has acquired a 10-property portfolio from Danske Bank Ireland for €127.6 million. The portfolio, which totals approximately 66,000 square metres, includes eight properties in Dublin and one each in Kildare and Limerick. Tenants include Bank of Ireland, Homebase, Kuehne & Nagel, Lidl, Park Rite, TK Maxx and Woodies. The portfolio is 37 percent retail and 29 percent office. It also includes a development site adjacent to Dublin airport, where a logistic