Hibernia Reit buys €28m apartment block

Property investment company Hibernia Reit has acquired an 80-unit apartment complex in Dundrum, south Dublin for €28.05m in an off-market transaction.

The complex situated close to the M50 and Dundrum Town Centre generates net annual rent of €1.36m and a net initial yield of 4.7% when fully let.

The property comprises two apartment blocks with a 22 one-bed units, 44 two-bed units, 14 three-bed units and 114 parking spaces. The two-bed units are let at an average rent of €1,500 per month.