12 Nov 2018 07:00
Acquisitions of land at Gateway / Newlands Cross, D24
Hibernia REIT plc ("Hibernia") announces two acquisitions of land at Gateway / Newlands Cross (the "Acquisitions") taking its total interests in the area to 143.7 acres:
· 92.5 acres is being acquired from the Irish Rugby Football Union (the "IRFU") for initial consideration of €27m (the "IRFU Land")
· 5.8 acres has been acquired from a separate party for €1.7m (the "Additional Land")
Both the IRFU Land and the Additional Land adjoin Hibernia's existing holdings and both are zoned for agricultural use under South Dublin County Council's Development Plan (2016-2022).
Hibernia will pay an initial €27m for the IRFU Land (the "Initial Consideration"). If Hibernia's lands are re-zoned in the next 10 years the IRFU will be entitled to an additional payment equating to 44% of the market value of the lands at that date less the Initial Consideration, subject to certain minimum payments (the "Potential Future Consideration").
The acquisition of the Additional Land for €1.7m was completed in October 2018.
Prior to these acquisitions Hibernia held 45.4 acres of land at Newlands Cross: the 14.1 acre Gateway industrial/logistics site was acquired in 2014 for €10.1m and a further 31.3 acres of adjacent agricultural land was acquired in 2017 for €6.0m.
Richard Ball, Chief Investment Officer of Hibernia, said:
"We are delighted to have agreed these acquisitions which take Hibernia's total holding in the area to 143.7 acres. The land is located within eight kilometres of Dublin's city centre and benefits from excellent transport infrastructure, including the Luas Red Line and the M50 and N7 motorways. It is an ideal candidate for mixed-use development, including a large element of infill residential."
ENDS
Contacts:
Hibernia REIT plc +353 1 536 9100
Richard Ball, Chief Investment Officer
Tom Edwards-Moss, Chief Financial Officer
Murray Consultants
Doug Keatinge: +353 86 037 4163, dkeatinge@murraygroup.ie
Jill Farrelly: +353 87 738 6608, jfarrelly@murraygroup.ie
About Hibernia REIT plc
Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT"), listed on Euronext Dublin and the London Stock Exchange. Hibernia owns and develops property and specialises in Dublin city centre offices.