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Hibernia to pay €29M for Dublin office asset

Hibernia REIT Plc agreed to acquire the 77 Sir John Rogerson's Quay office building in Dublin's South Docks for €28.7 million.

The six-story asset covers 34,400 square feet of space with 20 basement car parking spaces.

Including the €500,000 Hibernia expects to spend on improvement works, the property's purchase price amounts to a capital value of €850 per square feet.

Hibernia signed on an IWG Plc subsidiary as tenant at the vacant building. As per the 25-year lease, expected to commence in middle of 2018, the unit will occupy the building for 15 years certain at an initial rent worth €1.8 million.

According to a release, the net yield will be 5.8% after expiry of the nine-month rent free period, climbing to 6.3% following a fixed uplift in rent after five years.