Selling company Green Reit is still confident of finding a buyer for the €65 million-plus mixed-use Arena Centre in Tallaght, the most valuable of six investment properties offered for sale to allow the company to restructure its finances.
The multi-storey Arena which is located just across from Tallaght Stadium was by far the largest investment offered for sale with a rent roll of €4.6 million showing a net yield of 6.8 per cent. Yesterday it was confirmed that negotiations on the sale of the investment are ongoing.
The centre consists of five retail units, four retail warehouses, three office blocks, a residential complex with 63 apartments, leisure facility and a 119-bedroom hotel, all built between 2006 and 2008. The complex offers investors a secure long term cash flow with a weighted average lease term of 10.2 years. Bank of Ireland, Woodies, Lidl and the Delata hotel group account for 80 per cent of the rental income and all are on leases with upwards-only reviews. Bank of Ireland recently demonstrated its long term commitment by switching its break option from 2018 to 2023 and agreeing to a two-year break penalty.