Hibernia REIT buys Forum building in IFSC

Friday 22 August 2014 07.38
Hibernia REIT pays 37.8m for The Forum office block in Dublin's IFSC
Hibernia REIT pays 37.8m for The Forum office block in Dublin's IFSC

Hibernia REIT has announced a deal to buy The Forum building in Dublin's IFSC for €37.8m from an affiliate of Atlas Capital Group.

The building is on Commons Street in the city centre and comprises 47,109 square feet of office accommodation over two floors. Built in 2003, the building also has 370 car park spaces.

The offices are fully let to Depfa Bank on annual rent of €40 per square feet on leases which expire in 2029. The total passing rent from the offices, together with 50 parking spaces also let to Depfa, is €2m a year.

The remaining 320 car parking spaces are currently utilised by Park Rite on a lease that has formally expired. Hibernia said that lease talks are continuing with the tenant. 

The Forum is Hibernia's tenth acquisition since listing. The deal is expected to be completed in late 2014.