Wyckham Point apartments in Dundrum fully let

Wyckham Point apartments in Dundrum fully let

Hibernia REIT plc ("Hibernia") announces all 213 apartments in Block 3, Wyckham Point in Dundrum, South Dublin are now let, producing gross annual rent of €4.4m and net annual rent of c. €3.7m in line with expectations.

Hibernia acquired Block 3, Wyckham Point in a partially completed state in February 2014 as part of the Dorville loan portfolio and has undertaken a phased fit-out of all 213 units which finished in late July 2015.

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

"We are very pleased to have successfully completed letting Block 3, Wyckham Point. The fit-out was finished ahead of schedule and on budget, and we expect the net yield on cost to exceed 6%. This is an excellent example of the type of value-add projects we specialise in and we are making good progress on the rest of our development pipeline." ENDS

Contacts:

WK Nowlan REIT Management Limited + 353 1 536 9100

Kevin Nowlan

Tom Edwards-Moss

Murray Consultants

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

Orlagh Ryan: +353 87 616 0279, [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.