Hibernia Reit acquires Forum building in IFSC
Hibernia REIT has announced a deal to buy The Forum building in Dublin’s IFSC from an affiliate of Atlas Capital Group for a price of €37.8m in an off-market transaction.
Constructed in 2003, the building is situated on Commons Street and comprises 47,109 square feet of office accommodation over two floors above four floors of car park space. The offices are fully let to Depfa Bank on annual rent of €40 per sq. ft. on leases which expire in 2029, with options to break in 2019. The total passing rent from the offices, together with 50 parking spaces also let to Depfa, is €2m per annum. The remaining 320 car parking spaces are currently utilised by Park Rite, paying €675k per annum, on a lease that has formally expired. Lease discussions are on-going with the tenant.
The Forum is Hibernia’s tenth acquisition since listing. The deal is expected to be completed in late 2014.
