Hibernia REIT has agreed a deal to buy the Gateway site at Newlands Cross in Dublin for €10m.

The property includes 178,000 square feet of warehouse accommodation and occupies a prime 14 acre site on the Naas Road. It is close to the M50 motorway and to Dublin's Luas system. 

Hibernia said the site is currently 46% occupied and is producing an annual rental income of €517,000. 

The property had previously been sold by an Post in 2006 for €107m.

This is the third acquisition by Hibernia since listing in December 2013 and will bring total funds invested to about €128m in a diverse portfolio of assets.
Real Estate Investment Trusts (REIT) are tax-efficient, publicly quoted funds that take in money from investors to buy commercial property.