Property investment company Green Reit announced on Tuesday that UK furniture retailer DFS has signed an agreement for a lease at Horizon Logistics Park, Dublin Airport.
The 3,060sq m (33,000sq ft) unit is due for completion by the end of April. DFS will pay annual rent of €300,000 for the location, which works out as €98 per square metre (€9.10 per square foot), on a 15-year lease term and with a tenant break option at the end of year 10.
“The letting to a tenant of DFS’ calibre further supports our strategy to build a combination of speculative and purpose-built units at the logistics park, in what was the strongest performing real estate sector in Ireland in 2016,” Paul Culhane, development director of Green Property REIT Ventures, said.
Green Reit holds 264 acres of land at the intersection of Dublin Airport and the M50 motorway, with access to Dublin Port facilitated through the nearby Dublin Port Tunnel, having acquired a further 164 acres in December 2016. The company says it has the potential to be a leading logistics park in Ireland due to its strategic location and accessibility.
Construction is underway at the site of a new 80,000sq ft unit that has been pre-let to logistics group Kuehne+Nagel to support its expansion plans in Ireland.
Earlier this month Green Reit said it had sold Parkway Retail Park on the outskirts of Limerick for €24.3 million, to streamline its property portfolio.
