Hibernia is selling the Forum in Dublin to an affiliate of Spear Street Capital for €30.8m (£25.8m).
The 47,000 sq ft office building is located on Commons Street in Dublin’s international financial services centre.
The Ireland-based REIT said the price was in line with its September 2021 valuation. It added that the proceeds would be put into its expansion of Harcourt Square, which is prelet to KPMG, and its redevelopment of Clanwilliam Court.
The sale price is a marked loss on the €37.8m Hibernia paid an affiliate of Atlas Capital Group for the building in 2014. The offices, then let to Depfa Bank, are currently vacant.
The site also includes a 370-space car park.
Hibernia chief investment officer Edwina Governey said: “Following the disposal of Dockland Central late last year, the sale of the Forum will enable us to recycle further capital into the delivery of Harcourt Square and Clanwilliam, consistent with our strategic priorities of asset clustering and ESG excellence, as well as giving us capacity for future acquisition opportunities.”
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