Hibernia REIT has announced a deal to buy Blocks 1, 2 and 5 Clanwilliam Court, Dublin 2, for a total of €51m.
The 1970-built blocks total 93,700 square feet, arranged over five to six floors above a double basement with 220 underground car parking spaces.
After the purchase of Marine House in March for €26.5m, Hibernia now owns four blocks - totalling over 134,000 square feet of office accommodation - of the seven blocks that comprise Clanwilliam Court.
The buildings are currently 76% let to a range of occupiers, including the ESB, An Bord Bia and Hines Real Estate Ireland Ltd.
They generate a total current rent of €2.9m a year - an average of €34 per square foot excluding parking.
Hibernia REIT noted that recent lettings in the buildings have achieved over of €40 per square foot.
Kevin Nowlan, Hibernia's CEO, said the deal is consistent with its strategy of focussing on prime Dublin city centre office assets with asset management or development potential.
"These buildings, combined with our previous acquisition of Marine House, extend to over 1.1 acres in a prime city centre location and are an exciting addition to our longer term pipeline of development assets in central Dublin with options for refurbishment, extension or a full redevelopment," Mr Nowlan added.
