Tuesday 21 October 2014

Hibernia REIT in €37.8m deal for Dublin’s The Forum

Published 22/08/2014 | 08:10

Directors of Hibernia Reit Plc (from left) Stewart Harrington, Danny Kitchen (Chairman) and Colm Barrington, pictured at the Company's AGM in the Marker Hotel in Dublin
Directors of Hibernia Reit Plc (from left) Stewart Harrington, Danny Kitchen (Chairman) and Colm Barrington, pictured at the Company's AGM in the Marker Hotel in Dublin

Hibernia REIT has announced its acquisition of a building in Dublin's IFSC for €37.8m.

The two-floored Forum building, built in 2003, is located on Commons Street and is comprised of comprises 47,109 sq ft of office accommodation.

Fully let to Depfa Bank on annual rent of €40 per sq ft, the building sits over four floors of car parking with 370 spaces.

The leases on the offices expire in 2029, with an option to break in 2019.

Kevin Nowlan, Chief Executive Officer of WK Nowlan REIT Management Limited, the Investment Manager, said: “We are delighted to have agreed this acquisition:

The  Forum is a Grade A building in a prime central Dublin location and delivers a substantial running yield.

It is close to our other three office buildings in the IFSC and the parking capacity it has may in future be beneficial for potential tenants in those buildings.”

The Forum deal deal is expected to be completed in late 2014 and is Hibernia's tenth acquisition since listing.

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