Monday, 2 March 2015
Hibernia to acquire Cumberland House in Dublin 2 for €49 mln (IE)
Hibernia REIT plc announces it has exchanged contracts to acquire Cumberland House, Dublin 2, from Morretino Limited for €49 mln. As part of this transaction the €38 mln short term secured loan provided by Hibernia to Morretino in August 2014 is being repaid along with c. €1 mln of accrued interest.
Cumberland House is a prominent seven storey office building of approximately 112,00 ft² (10,405 m²) with parking spaces for 213 cars, which was constructed in the late 1970s.
The building is on a 1.6 acre site in a central Dublin 2 location, close to Merrion Square, Government Buildings, Trinity College and Dublin's busiest commuter railway station, Pearse Street. The building is largely vacant and Hibernia is in discussions with a number of prospective tenants regarding potential short term lettings.
Kevin Nowlan, Chief Executive Officer, WK Nowlan REIT Management Limited, the Investment Manager, said: "We are delighted to have agreed this transaction, which was facilitated by our ability to provide a short-term loan secured on the property to the vendor in August 2014. Cumberland House is an important addition to our central Dublin office portfolio with exciting asset management and redevelopment opportunities and we look forward to working with potential occupiers on plans for it."