Hibernia REIT plc (“Hibernia”) announces all 213 apartments in Block 3, Wyckham Point in Dundrum, South Dublin are now let, producing gross annual rent of €4.4m and net annual rent of c. €3.7m in line with expectations.
Hibernia acquired Block 3, Wyckham Point in a partially completed state in February 2014 as part of the Dorville loan portfolio and has undertaken a phased fit-out of all 213 units which finished in late July 2015.
Kevin Nowlan, Chief Executive Officer of WK Nowlan REIT Management Limited, the Investment Manager, said:
“We are very pleased to have successfully completed letting Block 3, Wyckham Point. The fit-out was finished ahead of schedule and on budget, and we expect the net yield on cost to exceed 6%. This is an excellent example of the type of value-add projects we specialise in and we are making good progress on the rest of our development pipeline.”