Bannon Acts for Hibernia Reit in €27.5m acquisition

Hibernia REIT has acquired a building on the Hanover Building at Windmill Lane in Dublin’s south docks and has also acquired an adjoining site for €27.5 million. It plans to redevelop both properties. The building generates €1.5 million in rent per annum, with the purchase price implying a net initial yield of 7.3 per cent.

The adjoining 1-acre development site comes with mixed use planning permission for 125,000 sq ft of office space, 15 residential units and 9,000 sq ft of retail. Hibernia said it had granted an unnamed party a 12-month option to invest on a “side by side, equal cost” basis in the combined redevelopment of the two properties. If this comes to fruition, Hibernia will be both asset manager and development manager in the project.

Bannon Acted for Hibernia Reit