22 August 2014
Hibernia to acquire The Forum in Dublin’s IFSC for €37.8m
Hibernia REIT plc (Hibernia) announces that it has exchanged contracts with an affiliate of Atlas Capital Group LLC to acquire The Forum building in the IFSC, Dublin 1, for a price of €37.8m in an off-market transaction. The building is situated on Commons Street and comprises 47,109 sq. ft. of office accommodation constructed in 2003 over two floors above four floors of car parking with 370 spaces. The net initial yield is 7.0% and the price equates to a capital value of c. €550 per sq. ft. for the office space.
The offices are fully let to Depfa Bank on annual rent of €40 per sq. ft. on leases which expire in 2029, with options to break in 2019. The total passing rent from the offices, together with 50 parking spaces also let to Depfa, is €2m per annum.
The remaining 320 car parking spaces are currently utilised by Park Rite, paying €675k per annum, on a lease that has formally expired. Lease discussions are on-going with the tenant.