Hibernia REIT has confirmed that it is in exclusive negotiations to acquire Cumberland House, a 112,000 sq ft Dublin office, and has extended a €38m (£30.2m) short-term loan to the vendor.
The loan is secured against Cumberland House, Fenion Street, Dublin 2, and has an interest rate of 6% a year. Hibernia is understood to have made the loan in order to give the vendor time to conclude negotiations with its bank.
Opportunistic investor Hibernia REIT took out a €100m corporate debt facility from Bank of Ireland earlier this month, after which it had cash and undrawn committed facilities of more than €140m.
Hibernia raised €365m in an IPO in December last year and has since invested €393m in 11 transactions.
sophia.furber@estatesgazette.com
