4th Mar 2016 09:22
LONDON (Alliance News) - Hibernia REIT PLC said Friday it has purchased a fully-let office building in Dublin for EUR26.5 million.
The Irish property investor said it has bought Marine House, in the Dublin 2 area, from an unnamed company. Marine House is a 1970s office building totalling 41,000 square feet and is located near Merrion Square and Grand Canal Dock railway station in central Dublin.
The office currently generates EUR1.2 million in rent per annum, putting the net initial yield at 4.3%. Current occupiers include accountancy firm Crowe Horwath LLP and WK Nowlan Property REIT Management Ltd.
"The building is an exciting addition to our longer term pipeline of development assets in prime locations in central Dublin, with possibilities to redevelop alone or as part of a wider redevelopment of Clanwilliam Court. With low average rents of EUR23 per square foot in the building, there are opportunities in the near term to enhance the income through light refurbishment," said Kevin Nowlan, its chief executive.
Shares in Hibernia were untraded on Friday, having last traded at EUR1.26.
By Hannah Boland; [email protected]; @Hannaheboland
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