Green Property has agreed to acquire a 260,000 sq ft distribution and logistics centre in Rosemount Business Park, Blanchardstown, Co Dublin, for £20 million from Irish Express Cargo in a sale and lease back deal. Irish Express Cargo moved into the first phase, comprising 180,000 sq ft, last June. The second phase of 80,000 sq ft is under construction and is due for completion in December.

The lease is for 35 years. The rent has not been announced. However, it is understood to be on a yield of about 9.5 per cent, implying a rent of some £1.9 million. There are five-year rent reviews.