Hibernia REIT plc (Hibernia) announces it has exchanged contracts to acquire Guild House and Commerzbank House 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 buildings were completed in 2000 and have similar floor layouts and a combined 144,250 sq ft of space arranged over 5 floors. They have a shared basement with parking spaces for 148
cars and separate entrances onto Guild Street.
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.