Stock market listed property investment vehicle Hibernia REIT has taken full ownership of two office buildings - Hardwicke House and Montague House in Dublin 2 - for a net payment of just under €42m.
Hibernia had bought debt secured on the properties for €18m in May 2014 and had an option to take full ownership of them, which it has now exercised.
The buildings are let to a range of tenants including Prudential, Deloitte and Capita.
Hibernia REIT also said today that Bank of New York Mellon has served notice to break its leasehold interests in the Hanover Building in Dublin 2 at the end of the year.
BNY Mellon currently occupies all of the building and is paying annual rent of €1.4m, an average of €30 per square feet for the office space.
Hibernia said it is considering its options for the building, with current estimated rental values well in excess of the passing rent.
"With our significant development programmes at Windmill Lane and 1-6 Sir John Rogerson's Quay, we are excited to be gaining vacant possession of the office accommodation in the adjoining Hanover Building in December 2016," commented Kevin Nowlan, Hibernia REIT's CEO.
Mr Nowlan said the company will take some time to assess its options to maximise the value of the asset.
