Hibernia REIT Plc has partnered with Iconic Offices to establish a serviced office and co-working business located at Block 1 Clanwilliam Court in Dublin.

Under the five-year agreement, the 21,000-square-foot property will be provided by Hibernia while Iconic will be in charge of business operations, which will be spread over three floors. The REIT will also provide funding for the fit-out costs, which are estimated to reach €1 million.

Both companies will share the income generated from the operations, with Hibernia receiving the majority of net income up to a headline rent level of around €45 per square foot. Iconic will receive the majority of any net income above this level.

Hibernia's COO Frank O'Neill said the REIT's foray into the co-working and flexible workspace sector was a nod to its increasingly pivotal presence in the office market.