Hibernia REIT agrees deal for two Dublin office blocks

Friday 16 May 2014 07.19
Montague House and Hardwicke House bought by Hibernia REIT
Montague House and Hardwicke House bought by Hibernia REIT

Hibernia REIT has announced a deal to buy two Dublin office blocks from the Hardwicke Group in a deal which values the buildings at about €60m.

The two office blocks are Montague House and Hardwicke House in Dublin 2. The company said the buildings' location benefits from strong transport links and proximity to excellent amenities.

Both buildings are multi-let to a range of "high quality tenants" including Prudential International Assurance, Deloitte and Capita. 

This is the fourth acquisition by Hibernia since it listed last December and brings the total spent on acquisitions to about €208m.

Under the terms of the deal, Hibernia will pay an intital €18.25m and will gain immediate operational control of the buildings. It will then have the right to take full ownership of the buildings at any time up to the middle of 2016 for an incremental sum of €41.75m.

The company said that under current Irish REIT rules, it is likely to take full ownershop in December 2015.