22nd Jan 2016 07:52
LONDON (Alliance News) - Irish property investor Hibernia REIT PLC on Friday said it has exercised its option to acquire full ownership of Hardwicke House and Montague House in Dublin for a net payment of EUR41.8 million.
Hibernia initially bought an interest in the buildings for EUR18.2 million in May 2014, when it acquired loans secured against the sites, along with an option to take full ownership.
With that option exercised, Hibernia's total investment in acquiring the buildings is EUR60.0 million.
The two buildings offer 88,500 square foot of office space and are currently multi-let to a range of tenants, at an annual passing rent of EUR2.7 million.
Separately, Hibernia said Bank of New York Mellon, the US bank, has exercised its break option on its lease at Hanover Building in Dublin. The bank currently occupies the whole building and pays EUR1.4 million in rent a year.
Hibernia said it was considering its options for the building.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
HBRN.L