Green Reit's long term plan to offload 63 apartments at its mixed-use Arena Centre in Tallaght, Co Dublin, will finally proceed following a decision by SeaPoint Capital to acquire the portfolio for €9.25 million.
Completed in 2008, the Arena Centre has a mixture of retail and offices as well as 230 apartments and a 119-bedroom hotel.
The mix of 63 one-, two- and three-bedroom apartments is located beside public transport services as well as Woodies, Lidl and Bank of Ireland.
SeaPoint Capital chief executive Kieran Gilmartin said that, as a long-term investor, SeaPoint was looking for more residential opportunities in good locations with growth potential.
According to Caroline McCarthy of Green Property Reit Ventures, residential is not a core-use class for Green Reit. She said the disposal of the residential element represented a 130 per cent return on the original acquisition cost in late 2013.
Michele Jackson at TWM acted for the purchaser and Brian Shields at JLL advised Green Reit.
