Hibernia Reit acquires two IFSC properties for €90.75m

Hibernia REIT plc (Hibernia) has acquired Guild House and Commerzbank House in Dublin’s IFSC for €90.75m in cash from a syndicate of private investors in an off-market transaction. The price reflects a capital value of €629 per sq.ft and a net initial yield of 6.6%.

Guild House and Commerzbank House are two adjoined Grade A office buildings located in the IFSC, Dublin 1, one of the principal locations for the financial services industry in Ireland. The offices are fully let off average rents of €39 per sq.ft on leases running to 2025 with a weighted average unexpired term to break of three years. The principal tenants are FBD Holdings Ltd, Commerz Management Services and BNY Mellon.

Following the completion of this transaction Hibernia will have concluded nine acquisitions since listing, deploying €337m, 91% of the net proceeds raised in December 2013, with a further €63m committed.