Hibernia REIT has exchanged contracts to buy a €10m (£8.3m) logistics site in Dublin 22.
It will be the REIT’s third acquisition since its launch last year, and takes the total amount invested to €128m.
The Gateway site, Newlands Cross, Naas Road, Dublin 22 comprises 178,000 sq ft of warehouse space on a 14-acre site. The property has an annual rental income of €517,000, and the gross yield is 5.12%. Occupancy is 46%.
Hibernia bought the asset with existing cash resources.
The REIT is listed on the Irish and London Stock Exchanges and raised €365m in an IPO in December last year.
sophia.furber@estatesgazette.com
