Hibernia REIT PLC Completion of 1 Windmill Lane and new letting (6597P)

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RNS Number : 6597P

Hibernia REIT PLC

04 September 2017

Completion of 1 Windmill Lane and new letting

Hibernia REIT plc ("Hibernia") announces that its 1 Windmill Lane development ("1WML") has reached practical completion and that it has let 24,000 sq. ft. in the building to Core Media, Ireland's largest marketing communications group.

Core Media will occupy the third floor of 1WML and six car parking spaces on a 21 year lease, with 12 years term certain. It will pay initial rent of EUR1.4m per annum, including annual contributions to the reception and Townhall areas and car parking, and will receive six months rent free.

1WML totals 124,000 sq. ft. of offices, 8,000 sq. ft. of retail and 14 residential units and is one of five adjacent properties which Hibernia owns in the SOBO District of Dublin's South Docks, comprising c. 400,000 sq. ft. of office space either in-place or under construction.

Hibernia previously announced the letting of 36,000 sq. ft. on the fourth and fifth floors of the building to Informatica. Today's announcement means c. 50% of 1WML is now let and discussions continue with other potential tenants regarding the remaining space.

Mark Pollard, Hibernia's Director of Development, said:

"We are delighted to have completed 1WML on schedule and to welcome Core Media and Informatica to the building. In addition to its highly efficient floorplates and excellent public transport connections notable features include its large and highly flexible reception and Townhall areas, its best in class digital infrastructure and its low environmental impact: these are all features on which occupiers are increasingly focussed."

Justin Cullen, Director of Core Media, commented:

"We are really excited about moving some of our teams into 1WML as part of the continued development and growth of our business. Its proximity to our Sir John Rogerson's Quay office means that we will be able to create a considerably more connected group of companies and teams to drive collaboration and innovation within our business and for our clients."

ENDS

Contacts:

Hibernia REIT plc [phone]

Mark Pollard, Director of Development

Tom Edwards-Moss, Chief Financial Officer

Murray Consultants

Doug Keatinge: [phone], [e-mail]

Jill Farrelly: [phone], [e-mail]

About Hibernia REIT plc

Hibernia REIT plc is a Dublin-focused Real Estate Investment Trust ("REIT"), listed on the Irish and London Stock Exchanges, which owns and develops Irish property. All of Hibernia's portfolio of properties is in Dublin and it specialises in city centre offices.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 04, 2017 02:00 ET (06:00 GMT)