HBRN.L Share News (HBRN)

LONDON (Alliance News) - Hibernia REIT PLC Tuesday said it has exchanged contracts to acquire a 0.75 acre freehold site at 1-6 Sir John Rogerson's Quay, Dublin 2, for EUR17.75 million in an off-market transaction.

The site, which fronts onto the River Liffey and adjoins Hibernia's recently acquired Observatory Building, has existing planning permission for 102,000 square feet of net lettable of offices, about 5,000 square feet of retail space, three residential units and 34 parking spaces.

This acquisition is Hibernia's eleventh since listing at the end of November 2013. Following its completion - as well as that of The Forum acquisition disclosed last week - Hibernia will have invested EUR393 million, with a further EUR63 million committed.

"We have now assembled a full riverside block of property with exciting, planning-approved development opportunities in the vibrant and rapidly regenerating South Docks area. We are looking forward to progressing our plans and providing high quality central Dublin office space for tenants at a time when such space is in short supply," Kevin Nowlan, chief executive of WK Nowlan REIT Management Ltd, said in a statement.

WK Nowlan REIT Management is Hibernia's investment manager.

Hibernia shares were Tuesday quoted flat at EUR1.11.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

Copyright 2014 Alliance News Limited. All Rights Reserved.