Irish REIT Hibernia has added close to 100-acres of land to its now 143.7-acre South Dublin development site after completing two deals including the purchase of 92.5 acres from the Irish Rugby Football Union for initial consideration of €27m.
If Hibernia’s lands are re-zoned from the current agricultural use in the next 10 years, the IRFU will be entitled to an additional payment equating to 44% of the market value of the lands at that date less the €27m.
A second deal saw Hibernia buy 5.8-acres from a separate party for €1.7m.
Hibernia chief investment officer, Richard Ball, said: “We are delighted to have agreed these acquisitions which take Hibernia’s total holding in the area to 143.7 acres. The land is located within eight kilometres of Dublin’s city centre and benefits from excellent transport infrastructure, including the Luas Red Line and the M50 and N7 motorways. It is an ideal candidate for mixed-use development, including a large element of infill residential.”
