IRISH REAL ESTATE trust Hibernia has bought an office building in Dublin’s docklands for over €50 million.
The Central Quay building was one of two put up for sale in September by private equity firm Blackstone, which bought them from Nama.
The building sold to Hibernia for €51.3 million.
It was completed in 2007 and has 57,700 square feet of offices over six floors with 26 car parking spaces.
It is currently 88% occupied and let to three tenants – AWAS Aviation Acquisitions, Indeed Ireland and Invesco Global Asset Management.
Hibernia CEO Kevin Nowlan said that the office presented an opportunity for his business.
“With some vacant space and upcoming lease expiries, there is an opportunity for us to increase the yield on the cost to above 5.5% in the next 12 months and to above 6% in due course.”
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