Business Irish

Thursday 18 January 2018

Hibernia Reit to acquire Garda HQ Harcourt Square for €70m

General view of Harcourt Street
General view of Harcourt Street
Ailish O'Hora

Ailish O'Hora

Hibernia is to acquire Harcourt Square in Dublin 2 for €70m, the home of the Garda Siochana's regional headquarters from Gangkhar.

Harcourt Square comprises a 1.9 acre site with 116,848 sq ft of office accommodation in four blocks and parking spaces for 158 cars at the junction of Harcourt Street and Charlotte Way, a short distance from St. Stephen’s Green in the centre of Dublin. 

The net initial yield is 6.8pc and the price equates to a capital value of about €540 per sq. ft. for the office space.

This acquisition is Hibernia’s fourteenth, and its second biggest, since listing -  once completed Hibernia will have invested €506m, with a further €43m committed, since its initial public offering in December 2013.

Kevin Nowlan, Chief Executive Officer of WK Nowlan REIT Management Limited, the Investment Manager, said:“We are delighted with this off-market acquisition which gives us substantial near term income and exciting redevelopment opportunities in the traditional office core of Dublin.  The completion of the Luas Cross City project in 2017, linking the Green line to the Red line and the city’s main railway stations, will further enhance the area’s public transport links."

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