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Informatica to rent two floors of new Dublin development

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Windmill Lane, where Bono and U2 recorded many of their songs is among the Dublin sites controlled by Hibernia Reit

Windmill Lane, where Bono and U2 recorded many of their songs is among the Dublin sites controlled by Hibernia Reit

Windmill Lane, where Bono and U2 recorded many of their songs is among the Dublin sites controlled by Hibernia Reit

US data company Informatica is to rent two floors of office space at Windmill Lane in Dublin once the development is completed later this year.

The Windmill Lane site is being developed by Hibernia Reit who will rent 35,000 square feet of office space to the US firm.

Informatica is to pay €2.1m a year for the space on a minimum term of twelve years. The company will begin to pay rent from the beginning of next year.

Informatica currently has an office at George’s Quay House in Dublin.

In a note, Goodbody stockbrokers said the news was significant for Hibernia Reit:

"Overall, this is an important letting for Hibernia and the market given that it is not Brexit related,  by a US multinational and is at a strong rent for the emerging SOBO city quarter at competitive lease terms. The lettings evidence will aid further yield compression at the 1Windmill Lane development, getting close to our modelled FY17 initial yield of 5.0pc for this building.

"Furthermore, Hibernia’s purchase of Starwood 50pc share of 1 Windmill Lane will mean it will get the full benefits of this development upside."

Online Editors