Hibernia acquires One Earlsfort Terrace

Hibernia acquires One Earlsfort Terrace for €19.2m

Hibernia REIT plc ("Hibernia") announces that it has acquired One Earlsfort Terrace, Dublin 2, for €19.2m. 

The building comprises 21,700 sq. ft. of office accommodation across five floors plus basement and 19 underground car parking spaces. It is part of the Earlsfort Centre, a mixed use development with over 250,000 sq. ft. of office space, and is located on the corner of Earlsfort Terrace and Hatch Street Lower, a short distance from St. Stephen's Green in the centre of Dublin. There is existing planning permission for two additional floors which would add c. 6,000 sq. ft. of net lettable area.

The building is fully occupied by international law firm Eversheds on a lease to 2026, with scheduled rent reviews (upwards only) in September 2016 and 2021, producing current passing rent of €0.63m per annum (€26 per sq. ft. excl. parking). Concurrently with the acquisition, Hibernia has agreed with Eversheds that the rent will rise to €1.0m per annum (€45 per sq. ft. excl. parking) at the next rent review in September 2016.

The purchase price represents a capital value of €880 per sq. ft. and the yield on cost following the rent review will be 5.3%.

Kevin Nowlan, Chief Executive Officer of Hibernia, said:

"We are delighted to have acquired One Earlsfort Terrace. This is a well-situated building in the traditional core of Dublin with value-enhancing opportunities over the medium to longer term through refurbishment, extension or redevelopment. We look forward to working with Eversheds to help meet their future accommodation needs."

ENDS

Contacts:

Hibernia REIT plc + 353 1 536 9100

Kevin Nowlan, Chief Executive Officer

Tom Edwards-Moss, Chief Financial Officer

Murray Consultants

Doug Keatinge: +353 86 037 4163, [email protected]

Jill Farrelly: +353 87 738 6608, [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.