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HBRN Hibernia Reit P.l.c.

136.90
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Hibernia Reit P.l.c. LSE:HBRN London Ordinary Share IE00BGHQ1986 ORD EUR0.10 (CDI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 136.90 136.20 137.60 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Hibernia REIT PLC Hibernia sells New Century House for EUR65.3m (2263U)

11/07/2018 7:00am

UK Regulatory


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RNS Number : 2263U

Hibernia REIT PLC

11 July 2018

Hibernia sells New Century House, IFSC, for EUR65.3m

Hibernia REIT plc ("Hibernia") announces that it has exchanged contacts to sell New Century House to a fund managed by Credit Suisse Asset Management Global Real Estate for EUR65.3m. The price is modestly ahead of the March 2018 book value and reflects a net initial yield of 4.0% and a capital value of EUR815 per sq. ft. for the office accommodation. Completion is expected to occur in September 2018.

The property is situated on Mayor Street in Dublin's IFSC and comprises 80,000 sq. ft. of offices with further basement storage areas and parking. It is fully let to Bank of Ireland, producing rental income of EUR2.9m per annum (c. EUR31.50 per sq. ft. for the office space), with 0.6 years to rent review and 5.6 years to lease expiry.

Hibernia purchased New Century House in March 2014 for EUR47m, the price representing a capital value of EUR585 per sq. ft. for the office accommodation and a net initial yield of 3.9%, rising to 5.9% following the expiry of a rent abatement in October 2015. The sale price gives Hibernia an ungeared IRR on the investment in excess of 12%.

Richard Ball, Chief Investment Officer of Hibernia, said:

"New Century House was Hibernia's first office acquisition following our initial public offering in late 2013. Since then the building has increased in value substantially, helped by the strong recovery in the Irish property market and by demand for prime office assets in Dublin's city centre. The sale continues our recycling of 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@murraygroup.ie

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

About 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

July 11, 2018 02:00 ET (06:00 GMT)

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