29th May 2014 13:36
LONDON (Alliance News) - Hibernia REIT PLC Thursday said it has acquired a loan secured on a mixed-use property in Dublin and an adjoining one acre development site for EUR20.2 million and EUR7.5 million, respectively.
Hibernia REIT did not name the sellers.
The property company, which invests mainly in commercial space in the greater Dublin area, said the first acquisition at Windmall Lane is for a modern five storey building consisting of 44,317 square feet of office space, with 11,614 square feet of ground floor retail space and 13 underground parking spaces. The offices are occupied by NY Financial Services PLC under three leases running to 2026/2027, with tenant options to break in 2016.
Hibernia said the building generates total rent of EUR1.5 million a year, with an average of EUR30 per square feet for the office element.
The Windmill Lane site adjoins the Hanover Building and has existing mixed-use planning permission for 125,000 square feet net lettable of offices, 9,000 square feet of retail space and 15 residential units.
Hibernia has granted a 12 month option to an unnamed party to invest on a side by side, equal cost basis in the combined redevelopment of the Hanover Building and the site. If exercised, Hibernia said it will act as the asset manager and development manager.
Hibernia REIT shares were quoted down 0.6% at EUR10.3 Thursday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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