New lease agreed at Harcourt Square

New lease agreed at Harcourt Square

Hibernia REIT plc ("Hibernia") announces that it has agreed a new non-renewable six year lease with the Office of Public Works ("OPW") at Harcourt Square, commencing in January 2017. The OPW will pay annual rent of €6.0m for the offices, car parking and ancillary facilities plus a one-off arrears payment of €0.5m.

Hibernia acquired Harcourt Square in February 2015: the property comprises 117,000 sq. ft. of office accommodation and is fully let to the OPW and occupied by An Garda Síochána (the police) at a rent of €4.9m per annum on leases which will all have expired by the end of December 2016. Since acquisition, Hibernia has secured planning permission for the redevelopment of the property consisting of 276,500 sq. ft. NIA of office and ancillary accommodation arranged in four blocks of eight storeys over basement.

Kevin Nowlan, Chief Executive Officer of Hibernia, said:

"We are delighted to have agreed terms with the Office of Public Works. The new lease gives both parties certainty on the date of departure and secures near term income for Hibernia. We will now work to optimise our plans for what will be an outstanding future development project."

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.