Green REIT acquires property in Cork for EUR58m

15th May 2015 11:17

Real estate investment trust Green REIT has agreed a deal to acquire an office building in Cork for up to €58m (£41.9m).Located in the centre of Ireland's second-largest city, One Albert Quay is a single office block with a lettable area of 166,000 square feet over seven floors and is the first major development built in the area in the last 10 years.In a statement released on Friday, Green said it estimated the total annual rent from the building to be between €3.6m and €4.1m, adding it had already agreed pre-letting deals with Tyco and PricewaterhouseCoopers."The yield premium over Dublin is attractive, particularly with the Cork office rental market at an earlier stage in the recovery cycle," said group investment manager Pat Gunne.Green shares were down 2.66% to €1.56 at 11:44 on Friday.