Saturday 27 December 2014

Hibernia in talks to purchase office block in Dublin city centre

Sarah Stack

Published 24/07/2014 | 12:27

Finance Minister Michael Noonan with Kevin Nolan, CEO Hibernia REIT and Deirdre Somers, chief executive of the Irish Stock Exchange, at the launch of Hibernia REIT's admission to trading in the Irish Stock Exchange

Property investment fund Hibernia REIT is in talks to buy a seven office block in Dublin city centre.

The firm said it is in “exclusive discussions” to acquire Cumberland House, a 112,000 sq ft building on Fenian Street, Dublin 2.

Located close to Merrion Square and West Row, it said the property boasts substantial refurbishment opportunities.

“There can be no certainty that any transaction will occur,” Hibernia REIT warned in a notice on the Irish Stock Exchange.

“Hibernia will make a further announcement as appropriate.”

The property, which was constructed around 1977, has seven floors over a basement level office building. Neighbouring occupiers now include IIB Bank, OPW and the Government buildings of Leinster House.

The former head office for Dublin City Libraries’ Central Department was given the go ahead five years ago for redevelopment. Those plans included of retail and office accommodation in two buildings ranging from four to eight storeys.

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