Wyckham Point apartments in Dundrum fully let

Hibernia REIT plc (“Hibernia”) announces all 213 apartments in Block 3, Wyckham Point in Dundrum, South Dublin are now let, producing gross annual rent of €4.4m and net annual rent of c. €3.7m in line with expectations.

Hibernia acquired Block 3, Wyckham Point in a partially completed state in February 2014 as part of the Dorville loan portfolio and has undertaken a phased fit-out of all 213 units which finished in late July 2015.

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

“We are very pleased to have successfully completed letting Block 3, Wyckham Point.  The fit-out was finished ahead of schedule and on budget, and we expect the net yield on cost to exceed 6%.  This is an excellent example of the type of value-add projects we specialise in and we are making good progress on the rest of our development pipeline.”