London,
25
November
2019
|
09:33
Europe/London

CBRE completes €1.34bn sale of Green REIT

Deal represents Ireland's largest ever real estate transaction

Global real estate advisor, CBRE, has advised on the landmark sale of the listed Irish based property group, Green REIT to Henderson Park Real Estate Management for €1.34bn. This represents the largest ever transaction in the Irish real estate market and is the first time a REIT has put itself up for sale.

On completion of the sale, Green REIT shareholders received €1.91 per share in cash as part of the deal, representing a premium of 24.7% on the closing price of €1.53 on 12th April 2019 (the last business day prior to the announcement of the commencement of a sales process).

Green REIT was the first real estate investment trust to float in Ireland in 2013 and since then has developed a high quality institutional office portfolio, whose tenants include Barclays Bank and Vodafone, as well as a strategic logistics asset next to Dublin Airport.

CBRE’s combined Capital Markets teams in London and Dublin worked alongside JP Morgan and Davy, the Company’s Brokers, on the deal.

Stephen Hubbard, Chairman, CBRE UK
We are delighted to have advised Green REIT on this ground-breaking sale. Using our unrivalled expertise of the properties and the international investment markets, together with our regulated business within Capital Advisors, we were able to help deliver the sale of the company, which had been trading at a discount to its underlying NAV since 2016. This is another milestone transaction for our Capital Markets business and highlights the financial capabilities that separate us from our competitors.
Stephen Hubbard, Chairman, CBRE UK