MaplesFS taking €1.65m annual lease at Green REIT site

Maples Fund Services, which provides administration and middle office for hedge funds and private equity firms, has agreed to take out a €1.65 million-a-year lease on Green REIT’s newly developed office building at 32 Molesworth Street in Dublin 2, according to sources.

Dublin-listed property group Green REIT said in a statement on Thursday it had agreed to rent the entire 2,973sq m (32,000sq ft) property to an “international business provider”, without naming the company.

The agreement is for 20 years, with breaks in years 10 and 15, with a rent per square foot at €51.70.

Maples Fund Services (Ireland), which currently has office space in Beaux Lane House at the back of St Stephen’s Green shopping centre, had 30 staff at the end of last year, according to its latest annual account. Its sister company, Maples Fiduciary Services (Ireland), which occupies space in the same building, had 54 employees in Ireland.

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Both are affiliates of legal firm Maples and Calder which was established in Dublin in 2006 and currently employs more than 250 people in Ireland, according to its website.

A spokesman for Green REIT declined to comment, while a spokeswoman for Maples Fund Services was not in a position to comment.

Strategic land holding

This is the first letting of one of Green Reit’s new office developments, which has been delivered on time and on budget, according to the company.

"This letting, which is 14 per cent ahead of our most recent estimates, will enhance our income profile and overall WAULT [weighted average unexpired lease term]," said Paul Culhane, the development director.

"We look forward to securing lettings for our other three office developments, all of which are going to plan. Block H in Central Park in Dublin's south suburbs, is also due for completion by year end."

Green REIT also announced it will acquire approximately 164 acres adjacent to its existing holding at Horizon Logistics Park at Dublin Airport, for a total consideration of €12.25 million.

The acquisition, according to a statement on Thursday, should be complete before the end of 2016.

It will bring the company’s total land holding for Horizon Logistics Park to approximately 264 acres.

“The transaction increases the company’s strategic land holding adjacent to Dublin Airport at a time when demand and rental values for well-located modern logistics units are increasing,” the statement said.

Last week, Green Reit’s chief executive, Pat Gunne, said that UK firms looking to move business to the Republic in the aftermath of Britain’s vote to leave the European Union are beginning to actively seek office space in Ireland.

“We are now starting to see companies starting actively to engage in the Dublin market,” said Mr Gunne. He acknowledged, however, that most activity remains purely exploratory and said it was “really too early to call” how much business may move to Dublin from London.