Henderson Park Real Estate Management has agreed terms to takeover Green REIT for around €1.3bn (£1.2bn).
Nick Weber, founding partner and chief executive of Henderson Park, said: “The acquisition of Green REIT offers a rare opportunity to invest in a large institutional quality office portfolio and a strategic logistics park through a single transaction.
“The portfolio offers exposure to high-quality properties located predominantly in Dublin, leased to blue chip tenants, and two strategic development sites. We believe in the short-term and long-term prospects of the Irish market with its strong macroeconomic backdrop and underlying real estate fundamentals.”
Gary Kennedy, chair of Green REIT, added: “Green REIT has been trading at a persistent structural discount to its underlying net asset value since early 2016. This persistent discount has been inconsistent with the value of the company’s assets, management, business plan and performance as well as the Irish commercial property sector.
“Having undertaken a detailed strategic analysis, the board determined that it was in the interests of shareholders to conduct a sale process to solicit offers for the company or its assets. Following a highly competitive process, the cash offer by Henderson Park to acquire the company represents an attractive outcome for shareholders delivering a premium to the share price prior to the announcement of the sale process and to Green REIT’s net asset value.”
Subject to shareholder approval Henderson Park is to acquire the business for its funds Henderson Park Real Estate Fund I US LP, Henderson Park Real Estate Fund I Non US LP, Henderson Park Real Estate Fund I TE LP and Henderson Park Real Estate Fund I US TE LP via an indirect wholly‑owned subsidiary of the Henderson Park Funds known as HPREF Dublin Office Bidco.
Henderson Park were advised by Eastdil Secured on the deal.
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