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Hibernia REIT Buys Dundrum View Apartment Complex In Dublin

Mon, 01st Jun 2015 07:56

LONDON (Alliance News) - Irish property investor Hibernia REIT PLC on Monday said it has exchanged contracts to acquire the Dundrum View apartment complex in South Dublin for EUR28 million.

The property has 80 units and is located close to the M50 orbital motorway and Luas Green Line and is close to Dundrum town centre, the largest shopping centre in Ireland.

The property is fully-let and generates a net annual rent of EUR1.36 million, reflecting a net initial yield of 4.7%.

"We are delighted to have agreed the off-market acquisition of 80 apartments in an excellent location beside the Dundrum Town Centre and close to the M50 and Luas Green Line. As has been widely publicised, the Dublin residential rental market continues to be characterised by strong demand and a lack of supply," said Kevin Nowlan, the chief executive of WK Nowlan REIT Management Ltd, the trust's investment manager.

Shares in Hibernia were flat EUR1.30 on Monday morning.

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