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Hibernia REIT Buys Dublin Office Central Quays For EUR51.3 Million

Mon, 22nd Feb 2016 08:36

LONDON (Alliance News) - Irish property investor Hibernia REIT PLC on Monday said it has bought an office building in the South Docks area of Dublin for EUR51.3 million.

The company said it has bought Central Quay, a 57,000 square foot office built in 2007, from an undisclosed buyer. The project is located between Sir Rogerson's Quay and Hanover Quay in Dublin.

The office currently produces an annual rent of EUR2.5 million, putting the net initial yield on the project at 4.5%.

"We are very pleased to have acquired Central Quay, a Grade A office building which is well-located in the South Docks, the preferred location for many occupiers. The property adds to our portfolio of high quality offices in Dublin's city centre and is situated close to our existing assets in the South Docks," said Kevin Nowlan, Hibernia's chief executive.

Hibernia shares were untraded on Monday morning, having last traded at EUR1.24.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance