Hibernia REIT has exchanged contracts to buy Cumberland House in Dublin from Morretino for €49m (£35m).
As part of the transaction, a €38m short-term secured loan provided by Hibernia to Morretino in August 2014 is being repaid, along with €1m of accrued interest.
Cumberland House is a prominent seven-storey office building of approximately 112,000 sq ft with parking spaces for 213 cars, constructed in the late 1970s.
The building is on a 1.6-acre site in central Dublin 2. It is largely vacant, with existing planning consent to replace the building with 250,000 sq ft of new office space.
Alternatively, the existing building could be refurbished and extended.
This acquisition is Hibernia’s 15th since listing in December 2013. Following its completion Hibernia will have invested €517m, with a further €43m committed.
