Vodafone Ireland, the single largest tenant at the Central Park commercial development in Leopardstown, Dublin, has agreed to a renegotiation on its lease, in a deal that extends the company's agreement with property investment group Green Reit by eight years.
Green, which announced plans to buy the 50 per cent of the development it does not own from its partner Pimco in November in a €155 million deal, said Vodafone has agreed to remove its lease break options in 2018, thereby committing to stay at Central Park until its leases expire in late 2026.
Vodafone’s Irish headquarters comprise 263,000 square feet and generates a rent of €7.3 million per annum for Green.
Under the revised deal, Vodafone will continue to pay the same annual rent but is to receive a year’s rent-free period.
"We are delighted that Vodafone has committed to Central Park until 2026. As the largest occupier within Central Park, this commitment is a great vote of confidence for the location, underpinning its position as Dublin's best office park," said Ronan Webster, asset management director of Green Reit.
“There are now over 4,000 people working in blue chip companies within Central Park, which will increase further with the completion and letting of Block H, a new 150,000 sq ft office block, which will be delivered at the end of 2016,” he added.
Treasury Holdings, the property vehicle controlled by John Ronan and Richard Barrett, originally built Central Park However, Green and Pimco bought the development in 2014 for €310 million after Nama took control of the development. Kennedy Wilson also bought a block of apartments in the complex in a separate deal.
