Hibernia REIT has bought three office blocks totalling 93,700 sq ft in Dublin for €51m (£42.2m).
Blocks 1, 2 and 5 at Clanwilliam Court had a capital value of €544 per sq ft with a net yield of 5%.
The three blocks are 76% let with an annual rent roll of €2.9m, or €34 per sq ft. Hibernia expects to generate €4m in rent per year when it reaches full occupancy.
In March, Hibernia bought Marine House, also in Clanwilliam Court, for €26.5m. They now own four of the seven blocks there.
Kevin Nowlan, chief executive of Hibernia, said: “The transaction is consistent with our strategy of focusing on prime Dublin city centre office assets with asset management or development potential.
“These buildings, combined with our previous acquisition of Marine House, extent to over 1.1 acres in a prime city centre location and are an exciting addition to our longer term pipeline of development assets in central Dublin with options for refurbishment, extension or a full redevelopment.”
Last week, Hibernia received planning permission for the development of 276,500 sq ft of office space in Harcourt Square, also in Dublin.
Buying Blocks 1, 2 and 5 at Clanwilliam Court has increased Hibernia’s rent roll to €41.9m.
Harcourt Square phase two approved
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