Hibernia sells one and two Dockland Central | Ireland

Hibernia REIT sold One and Two Dockland Central in Dublin to Commerz Real AG for its open-ended real estate fund, hausInvest, for 152.3 million euros.

The property was built in 2000 and is located on Guild Street in Dublin’s North Docks. It consists of 147,500 square feet of office space spread over two adjoining blocks with parking spaces for 144 cars and 167 bicycles. It is fully let to a range of occupants, mainly from the technology, banking and capital markets and state agency sectors, with contractual rental income of 8 million euros per year, a term of average of two years until the next rent revision and a certain duration of more than seven years. remaining.

The sale price is slightly higher than the book value of March 2021 and reflects an initial net return of approximately 4.75% and a capital value of € 1.032 per m² for the office space.

Hibernia purchased One and Two Dockland Central in July 2014 for 90.8 million euros, which equates to a net initial return of 6.6% and a capital value of 629 euros per square foot for the office space. An additional 21 million euros were invested in the renovation and expansion of offices and facilities and the property was re-let. The sale price gives Hibernia a disproportionate IRR on its investment of more than 12%.

Edwina Governey, Chief Investment Officer of Hibernia, said: “During our tenure, One and Two Dockland Central was a good example of the type of active asset management in which we specialize.

“After acquiring the property in 2014, we negotiated lease assignments with the main tenants, improved and expanded the rental area before re-letting it to a mix of high quality occupants, freeing up significant value for our shareholders. The sale will allow us to recycle capital into the delivery of our Clanwilliam Quarter and Harcourt Square office clusters. “

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