Hibernia Acquires Development Site for EUR17.75m

Hibernia Acquires Riverside Development Site in Dublin's South Docks for €17.75m

Hibernia REIT plc (Hibernia) announces it has exchanged contracts to acquire a 0.75 acre freehold site at 1-6 Sir John Rogerson's Quay, Dublin 2 for €17.75m in an off-market transaction. 

The site, which fronts onto the river and adjoins Hibernia's recently acquired Observatory Building, has existing planning permission for 102,000 sq. ft. net lettable of offices, c. 5,000 sq. ft. of retail space, three residential units and 34 parking spaces. With Hibernia's Windmill Lane Site and Hanover Building immediately behind and the Observatory Building adjoining, the acquisition gives Hibernia ownership of a full riverside quadrant in the South Docks area, which has become one of the most popular office locations in Dublin in recent years, particularly with companies within the TMT sector.

This acquisition is Hibernia's eleventh since listing, and following completion of it and The Forum acquisition announced on 22 August 2014 Hibernia will have invested €393m, with a further €63m committed.

Kevin Nowlan, Chief Executive Officer of WK Nowlan REIT Management Limited, the Investment Manager, said:

"We have now assembled a full riverside block of property with exciting, planning-approved development opportunities in the vibrant and rapidly regenerating South Docks area. We are looking forward to progressing our plans and providing high quality central Dublin office space for tenants at a time when such space is in short supply."

ENDS

Contacts:

WK Nowlan REIT Management Limited + 353 1 9058350

Kevin Nowlan

Tom Edwards-Moss

Murray Consultants

Doug Keatinge; +353 1 4980379/ +353 86 0374163; [email protected]

Orlagh Ryan; +353 1 4980308/ +353 87 6160279; [email protected]

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.