6th Oct 2021 14:06
Hibernia REIT PLC - Dublin-based real estate investment trust listed on Euronext Dublin and the London Stock Exchange - Sells One and Two Dockland Central office space in Dublin to Commerz Real AG for its open-ended real estate fund, hausInvest, at a price tag of EUR152.3 million. Notes the price is marginally ahead of March book value. It reflects a capital value of EUR1,032 per square foot and net initial yield around 4.75%.
One and Two Dockland Central has contracted annual rental income of EUR.8.0 million per annum, averaging EUR51 per square foot. Hibernia purchased the property in 2014 for EUR90.8 million, reflecting capital value of EUR629 per square foot and net initial yield of 6.6%.
Hibernia plans to reinvest sale proceeds in near-term development pipeline. "The sale will enable us to recycle capital into the delivery of our Clanwilliam Quarter and Harcourt Square office clusters," says Chief Investment Edwina Governey.
Current stock price: 103.00 pence, up 1.3% on Wednesday
Year-to-date change: up 4.9%
By Josie O'Brien; [email protected]
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