Hibernia REIT has acquired 92.5 acres of land from the IRFU and an additional six acres from another seller in the Newlands Cross area of Dublin.

The company is spending around €28.7m on the total acquisition. 

The land is currently zoned for agricultural use and Hibernia said an additional market value based payment is due if the land is rezoned in the next decade.

Before today's acquisitions Hibernia REIT held 45.4 acres of land at Newlands Cross - the 14.1 acre Gateway industrial/logistics site was bought in 2014 for €10.1m and a further 31.3 acres of adjacent agricultural land was bought in 2017 for €6m.

Richard Ball, Hibernia REIT's chief investment officer, said today's purchases take Hibernia's total holding in the area to 143.7 acres.  

"The land is located within eight kilometres of Dublin's city centre and benefits from excellent transport infrastructure, including the Luas Red Line and the M50 and N7 motorways.  It is an ideal candidate for mixed-use development, including a large element of infill residential," Richard Ball added.