Hibernia REIT buys Marine House in Dublin for €26.5m
The real estate investment trust Hibernia REIT has bought an office building in central Dublin for €26.5m.
Marine House is a six floor office block with an underground car park in Dublin 2.
The building is fully let to a range of occupiers, including accountancy firm Crowe Horwath and WK Nowlan Property.
It generates a total current rent of €1.2m a year.
Hibernia REIT’s chief executive Kevin Nowlan said there were possibilities to redevelop the building either on its own or as part of the wider redevelopment of Clanwilliam Court, a group of seven blocks in that area.
“With low average rents of €23 per square foot in the building, there are opportunities in the near term to enhance the income through light refurbishment,” he added.
Hibernia is an Irish real estate investment trust (REIT) and complies with certain on-going conditions and requirements in order to maintain its REIT status. The Irish REIT regime was introduced in the Finance Act, 2013, intended to attract new sources of capital to the Irish property market.
