30th Sep 2015 10:37
LONDON (Alliance News) - Irish property investor Hibernia REIT PLC on Wednesday said it has secured a pre-let agreement with social media giant Twitter International Co for the Cumberland House property in Dublin.
Hibernia said Twitter will take up all of the office accommodation at the site, except the fifth and sixth floors, and will pay an initial rent of EUR4.6 million per year on a 20-year lease. As part of the agreement, Hibernia will refurbish the building at a cost of up to EUR27.0 million, ahead of Twitter's arrival in the second half of 2016.
In an earlier statement on Wednesday, Hibernia also said it has now secured lettings for all apartments at the Wyckham Point project in south Dublin.
The total development, which Hibernia bought in February 2014, is now producing a gross annual rent of EUR4.4 million and net annual rent of EUR3.7 million, in line with its expectations.
Shares in Hibernia were up 0.2% at EUR1.26 on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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