25 February 2020
2WML fully let
Hibernia REIT plc ("Hibernia") announces that it has let the remaining 47,500 sq. ft. available in 2WML to Zalando Ireland Limited ("Zalando"), a subsidiary of Zalando SE, a leading European online fashion platform.
Zalando will occupy the remaining floors in 2WML on a 15-year lease, with term certain of seven years. After a six month rent free it will pay initial rent of €2.9m per annum, including contributions to the reception and car parking, which is modestly ahead of the September 2019 estimated rental value ("ERV") on a net effective basis.
Following this agreement 2WML, which comprises 60,000 sq. ft. of offices and a 12,000 sq. ft. gym, is fully let to Zalando, Udemy and Perpetua (gym), with contracted rent of €3.9m per annum and a weighted average term certain of six years for the office space. The vacancy rate in the in-place office portfolio has now reduced to 7% and discussions remain under way on much of the remaining vacant space.
ENDS
Contacts:
Hibernia REIT plc +353 1 536 9100
Justin Dowling, Director of Property
Tom Edwards-Moss, Chief Financial Officer
We are delighted to welcome Zalando to 2WML and the Windmill Quarter. Following this letting the Quarter's c.400,000 sq. ft. of office accommodation is fully occupied, marking the completion of a six-year programme to transform the Windmill Lane area in Dublin's South Docks and the creation of our first cluster of office buildings.
Justin Dowling
Hibernia's Director of PropertyAbout Hibernia REIT plc
Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT"), listed on Euronext Dublin and the London Stock Exchange. Hibernia owns and develops property and specialises in Dublin city centre offices.
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