Company paid €47m for building in 2014

Hibernia REIT has exchanged contacts to sell New Century House in Dublin’s IFSC for €65.3 million to a fund managed by Credit Suisse Asset Management Global Real Estate.

The deal is expected to complete in September.

Hibernia paid €47 million for New Century House in March 2014.

The property comprises 80,000 sq ft. of offices with basement storage areas and parking. It is fully let to Bank of Ireland and produces rental income of €2.9 million per annum.

In a statement to t2he stock exchange, Hibernia REIT the price was modestly ahead of the March 2018 book value and was a net initial yield of 4 per cent.

“New Century House was Hibernia’s first office acquisition following our initial public offering in late 2013,” said Richard Ball, Chief Investment Officer of Hibernia “Since then the building has increased in value substantially, helped by the strong recovery in the Irish property market and by demand for prime office assets in Dublin’s city centre. The sale continues our recycling of capital into new projects.”