Hibernia REIT plc (Hibernia) announces, in separate off-market transactions (together, the “Windmill Lane acquisitions”):
- The acquisition of the loan secured on the Hanover Building, Windmill Lane, for €20.16 million.
- The acquisition of an adjoining 1 acre development site (the “Windmill Lane Site”) for €7.5million.
These acquisitions bring Hibernia’s total number of acquisitions since listing in December 2013 to seven, and brings total funds committed to approximately €253 million.
The Hanover Building is a modern five storey building comprising 44,317 sq ft of office space on the upper floors, 11,614 sq ft of ground floor retail space, along with 13 underground parking spaces. The offices are occupied by BNY Financial Services Plc under 3 leases running to 2026/2027, with tenant options to break in 2016. The retail space is occupied by Eurospar on a lease to 2032 with a tenant option to break in 2019. The building generates total rent of €1.5m per annum, with an average of €30 per sq ft for the office element. The purchase price of €20.16m equates to €360 per sq ft and a net initial yield of 7.3%.