Green REIT exchanges contracts on Parkway Retail Park

Green REIT announced on Friday that it exchanged contracts for the sale of Parkway Retail Park in Limerick, with completion expected by the end of March.

The London-listed firm said the contract price of €24.3m was payable in two tranches, with €1.3m of the price subject to securing planning consent for a vacant unit in the property for which a tenant had been secured.

It said the contract price reflected a 4.4% uplift on the 31 December valuation, and a profit to the company of 74% on the cost of the property, which was acquired in late 2013.

“This sale brings the proceeds from the company's disposal programme to €99m, in line with target,” said Green Property REIT Ventures chief investment officer Caroline McCarthy.

“The total profit realised from the sale of the five properties was €42.4m, or 75% on purchase cost.”