Listed property vehicle Hibernia REIT will generate an annual rent roll of €7.5m from its 1 Windmill Lane (1WML) development in Dublin.

The real estate investment trust announced a new tenant for the building has agreed to lease space in the building at an initial rent of €2.8m. The development is now 96% let.

Hibernia said the lease is 4% ahead of the estimated rental value for the property as at September last year. In a statement to the stock exchange Hibernia said the tenant was in the "technology sector" but did not name the company.

The other tenants in the building, in Dublin's South Docks, include marketing communications agency Core Media and law firm Pinsent Masons.

Prime city centre office rents in Dublin rose by 8% last year amid strong demand. 

Separately, Hibernia REIT said Depfa Bank is exercising an option to terminate its €2m per year lease in the Forum, in Dublin's North Docks, in March 2019.