Hibernia REIT acquires Marine House for €26.5m
Hibernian REIT, the Irish property investment firm, has acquired Marine House in Dublin 2 for €26.5m.
Marine House, which is part of Clanwilliam Court, is a 41,000 sq ft over six floors above a double basement with 81 underground car parking spaces.
The building is fully let to a range of occupiers, including accountancy firm Crowe Horwath and WK Nowlan Property, generating total current rent of €1.2m per annum.
Hibernia chief executive, Kevin Nowlan, said the firm is familiar with the premises, which it had previously occupied.
"The building is an exciting addition to our longer term pipeline of development assets in prime locations in central Dublin, with possibilities to redevelop alone or as part of a wider redevelopment of Clanwilliam Court.
"With low average rents of €23 per square foot in the building, there are opportunities in the near term to enhance the income through light refurbishment."
According to Hibernia, the purchase price equates to a capital value of €640 per sq ft for the office acommodation. The initial yield on the property is 4.3pc.
The weighted average periods to break and rent review are three and three and a half years, respectively, with 20pc of the office space subject to review or expiry in the next 18 months.