Hibernia secures pre-let in Dublin's IFSC

Hibernia secures pre-let in Dublin's IFSC

Hibernia REIT plc ("Hibernia") announces that it has pre-let 27,500 sq. ft. currently under refurbishment in Commerzbank House, IFSC, to HubSpot Ireland Limited ("HubSpot"). Hibernia has renamed the building One Dockland Central.

HubSpot is a wholly owned subsidiary of HubSpot, Inc., a leading provider of inbound marketing and sales software; it will occupy the third and fourth floors of the building and 14 car parking spaces on a 20 year lease, with a tenant-only option to break after 10.5 years. HubSpot will pay rent of c. €1.3m per annum, equating to an average of €45 per sq. ft. for the office space, after receiving six months rent free from lease commencement (expected December 2015).

Works to refurbish 55,000 sq. ft. of the office accommodation of One Dockland Central and all its common areas to Grade A standard commenced in July 2015 and are due to complete in early 2016. 

Kevin Nowlan, Chief Executive Officer of Hibernia, said:

"We are delighted to welcome HubSpot to One Dockland Central and to have pre-let half its available space in advance of our official re-launch of this building. The rents achieved are around 40% above the levels we underwrote at acquisition in July 2014, demonstrating the attractive fundamentals of the building and the value of active management."

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.