Hibernia Reit acquires over 90 acres from the IRFU for €27m
Listed landlord and developer Hibernia REIT has acquired 92.5 acres from the IRFU for initial price of €27m.
The land, located in the Newlands Cross area of west Dublin, is currently zoned for agricultural use.
However, if the land is re-zoned in the next 10 years the IRFU will be entitled to an additional payment equal to 44pc of the market value of the lands at that date, minus the initial purchase price, and subject to certain minimum payments.
The group also announced the completion of the acquisition of 5.8 acres in the same area for €1.7m, taking its total interests in the area to 143.7 acres.
Richard Ball, chief investment officer of Hibernia, said:
"We are delighted to have agreed these acquisitions which take Hibernia's total holding in the area to 143.7 acres."
"The land is located within eight kilometres of Dublin's city centre and benefits from excellent transport infrastructure, including the Luas Red Line and the M50 and N7 motorways. It is an ideal candidate for mixed-use development, including a large element of infill residential."
Prior to these acquisitions Hibernia held 45.4 acres of land at Newlands Cross, the 14.1 acre Gateway industrial/logistics site was acquired in 2014 for €10m, and a further 31.3 acres of adjacent agricultural land was acquired in 2017 for €6m.