10 March 2017
Limerick
Reporter: Theo Andrew

Limerick retail park sells for €24.3 million


Green REIT has sold the Parkway Retail Park in Limerick, Ireland, for €24.3 million.

The site, built in 2000, totals 146,056 square feet and comprises of eight modern retail warehouse units, a restaurant and a car park.

Tenants include TK Maxx and Homebase House, and the site is currently running at 80 percent occupancy, as of September 2016.

Acquired by Green REIT in 2013, the sale price reflects a profit of 74 percent, as well as an uplift of 4.4 percent on the 31 December 2016 valuation.

Developed over 8.09 acres of land, the park is located approximately 2.7 kilometres east of Limerick City and with nearby access to the M7 motorway.

Caroline McCarthy, chief investment officer of Green Property REIT Ventures said: “This sale brings the proceeds from the Company’s disposal programme to €99 million, in line with target. The total profit realised from the sale of the five properties was €42.4 million, or 75% on purchase cost.”

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