Office block fetches €50m from Hibernia Reit

Publicly-quoted property investment fund, Hibernia Reit has acquired a prominent city centre office block in Dublin, for nearly €50m, marking its second major investment inside a month.

The company yesterday announced the €49m purchase of Cumberland House; a seven-storey office building close to Merrion Square, Government Buildings and Trinity College, with significant redevelopment potential.

The building, which also has parking space for 213 cars, was built in the 1970s, but has existing planning permission to replace the current structure which stands on 1.6 acres of land.