Hibernia Signs Contract for Completion of 213 Apartments in...

Hibernia REIT plc (Hibernia) announces that it has entered a contract with JJ Rhatigan & Company (JJR) for the fit-out and completion of Hibernia’s 213 partially-completed apartments in Block 3, Wyckham Point, Dundrum, Dublin 16. JJR is one of the leading building contractors in Ireland, with a specialism in the completion of new and part-built residential multi-unit developments.

JJR will commence on site immediately with a construction team growing to approximately 160 people working on the project. It is expected that the first apartments will be available to let by mid-2015 and that the project will be fully completed by the end of 2015. The total cost to complete the apartments is expected to be less than €25m.

Kevin Nowlan, Chief Executive Officer of WK Nowlan REIT Management Limited, the Investment Manager, said:

"We are delighted to have signed contracts with a contractor of the calibre of JJ Rhatigan & Company for the completion of Block 3, Wyckham Point. When finished, these apartments will offer some of the best multi-family accommodation in Ireland and we will be bringing these units to the market at a time when residential accommodation in Dublin is in short supply.”