Hibernia REIT to acquire portfolio of Ulster Bank loans for €67mMonday 17 February 2014 15.36
Hibernia REIT is to acquire a portfolio of property loans from Ulster Bank for €67 million.
The portfolio features 17 assets in total, mainly comprising of residential property assets.
Amongst those assets is a partly-completed development of 213 apartments in Dundrum, Dublin, which the company intends to complete and make available to the rental market.
A number of commercial property assets are also featured amongst the assets, including a 8,900 sq ft office on Grand Canal Dock in Dublin city centre.
Three development sites complete the portfolio, one of which is in Co Kildare and two of which are in Dublin.
Hibernia REIT said the acquisition will cost €70 million in total, with the company planning to spend around €20 million on development works.
Hibernia REIT floated on the Irish Stock Exchange late last year, raising €385 million to invest in Irish real estate assets.
This Ulster Bank portfolio marks the first successful acquisition by the company since its inception.