17th Feb 2014 14:33
LONDON (Alliance News) - Newly listed property investor Hibernia REIT PLC Monday said it has signed contracts to acquire a portfolio of loans secured predominately on residential real estate assets from Ulster Bank for EUR67 million net of acquisition costs.
These Ulster Bank assets form part of RBS Capital Resolution, Hiberia said.
The Irish firm, which listed on the London Stock Exchange and the Irish Stock Exchange at the end of 2013, said the total cost of the acquisition will be around EUR70 million, while it intends to spend EUR20million on development works. Non-core assets will be sold.
The portfolio consists of 17 assets of varying sizes, all of which are located in Dublin with the exception of two assets outside Dublin.
Herbernia said the portfolio is predominately residential with the largest asset consisting of 213 partly completed residential units at Wyckham Point, Dublin.
The company intends to finish the 213 partly completed residential units at Wyckham Point and make them available for rent. The cost to complete will be approximately EUR20 million.
This is Hibernia's first acquisition since it listed in December raising EUR385 million.
The stock was trading at EUR1.09 Monday afternoon, up 0.01 cents or 1.0%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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