Hibernia Reit buys Dublin docklands properties

Hibernia Reit yesterday said it had acquired two more properties in the Dublin Docklands for €4.6m. Both are on Lime Street in the South Docks area and are part of the strategic development zone designated by Dublin City Council.

The first property is a part-two storey and part-four storey premises spanning about 1,179sq m. It is located on the corner of Lime Street and Hanover Street East and has a passing rent of €110,000 per annum with just under a third of the floor space vacant. The purchase has been completed.

The second acquisition on 11, Lime Street, on which contracts have been exchanged, is a refurbished three-bedroom, four-storey house on 0.05 acres.

Investment manager Kevin Nowlan yesterday expressed his satisfaction with the properties which are situated close to Windmill Lane which already forms part of the Reit’s portfolio.

“We are delighted to have agreed these two transactions in Dublin’s South Docks, one of which was executed off market. They are located close to our quadrant of assets at Windmill Lane and position us well to participate in the regeneration of the area,” Mr Nowlan said.

Following completion of these transactions, Hibernia will have invested €523m, with a further €43m committed. Hibernia has been active in the market to date this year having completed the acquisition of Cumberland House close to Merrion Square for €49m in March.

In April, the real estate investment trust said it had finished the first phase of its Wyckham Point apartments in Dundrum, Co Dublin ahead of time and on budget.