Hibernia Extends South Docks Holding
Hibernia REIT has acquired a 0.75 acre freehold site at 1-6 Sir John Rogerson's Quay, Dublin 2, for €17.75m in an off-market transaction.
The site, which fronts onto the river and adjoins Hibernia's recently acquired Observatory Building, 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.
With Hibernia's Windmill Lane Site and Hanover Building immediately behind and the Observatory Building adjoining, the acquisition gives Hibernia ownership of a full riverside quadrant in the South Docks area.
This acquisition is Hibernia's eleventh since listing on the Irish Stock Exchange late last year, bringing to almost €400m the amount thus far invested, with a further €63m committed.
Kevin Nowlan, CEO of WK Nowlan REIT Management Limited, the investment manager, says that Hibernia is looking forward to providing high-quality Dublin office space for tenants at a time when space is in short supply. (August 2014)