Hibernia REIT – Acquires development site

Hibernia REIT (HBRN) has announced the purchase of a 0.75 acre freehold site at 1-6 Sir John Rogerson’s Quay in Dublin’s Docklands.

The off-market transaction will cost €17.75m and brings the total amount invested to date by HBRN to €393m, with a further €63m committed.

The development site has river frontage and adjoins The Observatory Building, which HBRN acquired last month in a €51.5m deal, and the Windmill Lane site purchased for €7.5m in June, giving HBRN ownership of a full riverside quadrant in the South Docks district. The newly acquired site has existing planning permission for 102,000 sq ft net lettable of offices, c. 5,000 sq ft of retail space, three residential units and 34 parking spaces. At first glance this looks like a good deal for HBRN, providing it with an attractively located development opportunity in the vibrant Docklands area, which has become a popular destination for companies in the TMT sector.