Hibernia REIT has announced a deal to buy Cumberland House in Dublin city centre from Morretino Limited for €49m.
Situated near Merrion Square in Dublin city centre, Cumberland House is a seven storey office building of about 112,000 square feet. with parking spaces for 213 cars. It was built in the late 1970s.
The building is currently vacant and Hibernia said it is in talks with a number of prospective tenants regarding potential short term lettings.
The company said the property has significant redevelopment potential and there is existing planning permission to replace the current building with up to 250,000 net sq. ft. of new office accommodation.
The existing building could also be refurbished and extended.
The REIT said that a €38m short term secured loan provided by Hibernia to Morretino last August is being repaid along with €1m of accrued interest as part of the deal.
This deal is Hibernia's fifteenth since listing in December 2013 and when it is completed Hibernia will have invested €517m, with a further €43m committed.
