Green Reit sells Parkway Retail Park in Limerick for €24.3m

Green Reit has sold Parkway Retail Park on the outskirts of Limerick for €24.3 million.

The deal is expected to be completed by the end of March.

The contract price of €24.3 million is to be paid in two tranches, with €1.3 million of the price subject to securing planning consent for a vacant unit on the site for which a tenant has been secured.

Green said the contract price reflects a 4.4 per cent uplift on the December 2016 valuation, and a profit to the company of 74 per cent on the cost of the property, which was acquired in late 2013.

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The listed group announced plans to sell the Glas portfolio of commercial properties that includes the shopping centre in February 2016. Other properties put up for sale included Globe Retail Park in Naas and four sites in Dublin: the Arena Centre in Tallaght, Classon House in Dundrum, the Ormond office building fronting the river Liffey, and a car park on Parnell Street.

All properties in the portfolio aside from the Arena Centre, have now been sold.

“This sale brings the proceeds from the company’s disposal programme to €99 million, in line with target. The total profit realised from the sale of the five properties was €42.4 million, or 75 per cent on purchase cost,” said chief investment officer Caroline McCarthy.

Goodbody said in a note to investors that Green’s continued progress on its non-core disposals programme is streamlining its property portfolio and increasing the focus on its strongest suit; the Dublin office market.

"This further clarifies the Green offering and effectively manages risk, as it moves away from the more volatile and less liquid regional retail market," said analyst Colm Lauder.