11th Mar 2014 12:41
LONDON (Alliance News) - Newly listed property investor Hibernia REIT PLC Tuesday said it has acquired New Century House, an office building in Dublin, from an unnamed firm in a deal worth EUR47 million.
The six-storey Grade A property is subject to a long-term tenancy agreement with Bank of Ireland Group. The acquisition will be financed from existing cash resources.
Hibernia said the property has the benefit of a full insuring and repairing lease with Bank of Ireland Group. The bank's current lease runs until 2024, with an upward-only rent review in 2019.
Annual rent is EUR2.9 million which resumes in full in October 2015, following the expiry of a current partial rent abatement period, from which the point the building with generate a yield of around 5.9%.
The office building comes with basement parking, and Hibernia said Bank of Ireland Group plans to undertake upgrades and improvements which will further enhance the value of the building.
The stock was trading flat at 1.06 cents early Tuesday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
HBRN.L