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Hibernia REIT Secures First Wychham Point Lettings In Dublin

Wed, 15th Apr 2015 08:34

LONDON (Alliance News) - Hibernia REIT PLC on Wednesday said it has let the first units at the Wyckham Point project in Dublin ahead of schedule and within budget.

Hibernia said 27 of the 29 completed units at the site have been let to an unnamed technology company at rents in aggregate 9% ahead of September 2014 rental values. The tenancies have now started and will produce an annual gross rent of EUR0.6 million.

Hibernia also has secured bookings for the rent of another 35 units at the site, which it expects to complete by June. The rents also are around 9% ahead of September 2014 values and will produce gross rent of EUR0.7 million a year.

The group said the phased completion of the remainder of the site is on track, with the last units expected to be made available for rent by September.

"We are delighted with this letting, at levels ahead of the estimated rental value, which underscores the quality of Wyckham Point and its attractive location close to Dundrum Shopping Centre, the Luas line and the M50. With the strong tenant interest we are receiving, we are confident that the remaining units will let well," said Kevin Nowlan, chief executive of WK Nowlan REIT Management Ltd, the investment manager for Hibernia REIT.

Shares in Hibernia were untraded at EUR1.25 on Wednesday.

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