Hibernia REIT has acquired an office building on Dublin's South Docks for €28.7m. 

The market listed property investment vehicle has just announced the purchase of 77 Sir John Rogerson's Quay, a vacant six storey office building of 34,400 square feet

The building is towards the eastern end of Dublin's South Docks where a number of large development projects are nearing completion.  

Hibernia expects to spend €0.5m on improvement works on the building.

The company also said it has secured International Workplace Group as a tenant for the office block. IWG has let the building for 25 years at an initial rent of €1.8m per year.

"The eastern end of the South Docks is undergoing a transformation with several large development projects approaching completion and occupiers such as JP Morgan and Indeed.com joining State Street, Accenture and AirBnB in the area," commented Hibernia REIT's chief executive Kevin Nowlan.

"The simultaneous agreements show Hibernia's ability to drive value through combining our asset management and deal sourcing capabilities," he added.