REIT buys big in Dublin as Ballymore seeks €2.46bn

The Real Estate Investment Trust (REIT) continue to pick up landmark properties in Dublin, while in London Ballymore hunts €2.4bn finance to construct 3,000 houses.

Hibernia REIT has announced the purchase of the Chancery Building, The Chancery Apartments and the adjoining Napper Tandy site on Chancery Lane, for €16m. The Chancery Building is already fully let with Irish civil service, Wella UK Ltd and Gala Networks Europe Ltd, with an annual rent roll of €1.1m, while the Chancery Apartments have a rent of €63,600.

Hibernia REIT CEO Kevin Nowlan, said the acquisition was proof there are attractive properties to be bought in Dublin.