Sale will allow Hibernia to recycle funds into more stock

IRISH REIT Hibernia plc has confirmed its €65.3m sell-off by September of New Century House, an office building in Dublin’s IFSC which it acquired just over four year ago for €47m.

Fully let to Bank of Ireland at €2.9m per annum, the 80,000 sq ft older era office block which is being bought by Credit Suisse earns €2.9m in rent, showing a NIY of 4%, and a capital value of €815 psf.