Hibernia REIT plc (“Hibernia”) announces that it has pre-let approx. 7,896 m² (85,000 ft²) of Cumberland House, Dublin 2, to Twitter International Company (“Twitter”).
Hibernia acquired Cumberland House, an office building with approx. 10,405 m² (112,000 ft²) of lettable area and 213 car parking spaces on a .6 hectare (1.6 acre) site, for €49 mln in March 2015 having initially provided a short-term loan secured on the property. As part of the agreement with Twitter, Hibernia will refurbish the entire building at a cost of up to €27 mln ahead of expected lease commencement in H2 2016.
Twitter will occupy all of the office accommodation in Cumberland House, with the exception of the fifth and sixth floors, and will take approx. 140 car parking spaces on a 20 year lease, with tenant-only break options after 12 and 15 years. It will pay initial rent of approx. €4.6 mln per annum, equating to an average of €4.6/m² (€50/ft²). for the office space.
Kevin Nowlan, Chief Executive Officer of WK Nowlan REIT Management Limited, the Investment Manager, said:
“We are delighted to have agreed terms with Twitter for the pre-lease of the majority of Cumberland House. The building is excellently located in the heart of Dublin between Pearse Street Railway Station and Merrion Square and once refurbished will offer over 10,405 m² (112,000 ft²) of first class office space with the potential of further expansion in future. Once fully let we expect the building to generate a yield on cost of at least 8%.”
Source: Hibernia REIT plc
