Share Name Share Symbol Market Type Share ISIN Share Description
Hibernia Reit LSE:HBRN London Ordinary Share IE00BGHQ1986 ORD EUR0.10
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.022 € -1.58% 1.374 € 1.352 € 1.422 € 1.372 € 1.368 € 1.37 € 129,092 16:35:13
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Real Estate Investment Trusts 46.4 107.1 15.5 8.9 958.49

Hibernia REIT PLC Hibernia sells Chancery, D8, for EUR23.8m

19/12/2017 7:00am

UK Regulatory (RNS & others)


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RNS Number : 7057Z

Hibernia REIT PLC

19 December 2017

Hibernia sells Chancery, D8, for EUR23.8m

Hibernia REIT plc ("Hibernia") announces that it has sold the Chancery for EUR23.8m, which equates to a blended net initial yield of 5.9% and a capital value of EUR645 per sq. ft. for the office accommodation.

The property is located on Chancery Lane close to Dublin Castle in central Dublin and comprises 35,000 sq. ft. of offices and four 2-bed apartments: it is fully let to tenants including the Office of Public Works, Wella and Analytic Partners, producing rental income of EUR1.5m per annum.

Hibernia purchased the Chancery together with a 0.05 acre site in May 2014 for EUR16m via a secured loan acquisition: the price represented a blended net initial yield of 6.8% and a capital value of EUR445 per sq. ft. for the office accommodation. Since then Hibernia has extended the weighted average unexpired lease term of the office tenants from two years to eight years. The sale price of EUR23.8m is over 1.3% ahead of the September 2017 valuation, and represents an ungeared IRR on the investment in excess of 17%.

Richard Ball, Chief Investment Officer of Hibernia, said:

"The Chancery was one of our early purchases in 2014 via a secured loan acquisition. Since then the building has performed strongly due to the attractive purchase price, our leasing activity and the market recovery. This sale allows us to recycle our capital into new projects."

ENDS

Contacts:

Hibernia REIT plc +353 1 536 9100

Richard Ball, Chief Investment Officer

Tom Edwards-Moss, Chief Financial Officer

Murray Consultants

Doug Keatinge: +353 86 037 4163, dkeatinge@murrayconsultants.ie

Jill Farrelly: +353 87 738 6608, jfarrelly@murrayconsultants.ie

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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December 19, 2017 02:00 ET (07:00 GMT)

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