Hibernia buys apartment block
Hibernia REIT has bought an apartment complex in south Dublin for €28m.
Hibernia announced yesterday that it had exchanged contracts to acquire Dundrum View, an 80-unit apartment complex in the South Dublin suburb for €28.05m, in an off-market transaction.
The property is located close to the M50 and is beside Dundrum Town Centre. It is fully let, generating net annual rent of €1.36m, and a net initial yield of 4.7pc.
It contains two apartment blocks with 22 one-bed units, 44 two-bed units, 14 three beds and a 114 parking spaces. The two beds are let at an average monthly rent of €1,500.
Kevin Nowlan, chief executive of WK Nowlan REIT Management, the investment manager, said they were delighted with the acquisition.
"As has been widely publicised, the Dublin residential rental market continues to be characterised by strong demand and a lack of supply," he said. Hibernia is listed on the Irish and London stock exchanges.