Hibernia acquires central Dublin Office property

Hibernia REIT plc

Hibernia acquires central Dublin office property

Hibernia REIT ("Hibernia" or "the Company") announces the acquisition of The Chancery Building, The Chancery Apartments and the adjoining Napper Tandy Site on Chancery Lane, Dublin 8 for €16m. Hibernia will acquire the property through the purchase of a loan which, in conjunction with an agreement with the original owners, will give the Company full ownership of the underlying assets.

The Chancery Building is a 33,799 sq. ft. office building comprising six stories over basement with 19 underground parking spaces. It is fully let to the Irish civil service, Wella UK Ltd and Gala Networks Europe Ltd with a weighted average unexpired lease term of 2 years to break and 9 years to expiry. The rent roll is €1.1m per annum equating to an average passing rent of €30 per sq. ft. The price paid of €16 m equates to a capital value of €445 sq. ft. on the commercial element and a blended net initial yield of 6.8%.

The Chancery Apartments consist of four 2-bed apartments in the same building accessed via a separate entrance onto Chancery Lane. They are let on 1 year leases producing a combined current annual rent of €63,360. At the price paid of €1.0m, the net initial yield is 6.1% based on gross income.

The Napper Tandy site is a small 0.05 acre corner site. It currently has planning consent for a c. 13,900 sq. ft. NIA office building or a 45 'suite' student accommodation building.

The area is close to Dublin Castle and is a popular location for government agencies and office occupiers from a broad base of sectors.

Kevin Nowlan, CEO, said: "This acquisition is the fifth made by Hibernia since its listing and brings total funds committed to approximately €225m. It again demonstrates our ability to acquire property assets at attractive prices in prime central Dublin locations."

ENDS

Contacts:

Murray Consultants +353 1 4980300

Jim Milton

Orlagh Ryan

WK Nowlan REIT Management Limited + 353 1 9058350

Kevin Nowlan, Chief Executive Officer

About Hibernia

Notes to Editors

About Hibernia REIT plc

Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT") and is listed on the Irish and London Stock Exchanges. The principal activity of the Company is to acquire and hold investments in Irish property (primarily commercial property) with a view to maximising shareholder returns.