Real estate investment trust, Hibernia REIT, has agreed to lease all the office accommodation in 1 Sir John Rogerson's Quay to HubSpot, which develops and markets software products. It is taking a 20 year lease starting in June.
Meanwhille, Hibernia REIT today reported net rental income of €26.6m for the half year, up over a fifth on the same period last year.
Kevin Nowlan, CEO of Hibernia REIT, pointed out that HubSpot was already a tenant of Hibernia in two other buildings on the North Dock. "This building is located in Windmill Quarter in the South Docks. It's 112,000 square foot building," he added.
Following this new let out to HubSpot, Hibernia's annual contracted rent roll will exceed €60m.
Hibernia this week also announced the acquisition of more land at Newlands Cross in Dublin 24.
"We originally bought land at Newlands in 2014. It was an industrial site and our first acquisition. We've grown that from 14 acres to 145 acres. It's currently predominantly unzoned. It's agricultural. It's very well located - just 5 miles from the city centre," Mr Nowlan said.
"The next development plan for the site is in 2020 with rezoning hopefully following in 2022. It has significant potential for a variety of different housing stock - both rental and build to sell," Kevin Nowlan said.
The Newlands deal is a significant departure for Hibernia which has concentrated mainly on office stock in its portfolio. "The big issue we're seeing on the ground is lack of residential property. It's the issue that's coming up from our office tenants and their employees," Mr Nowlan said.
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DCC ACTIVELY LOOKING FOR MORE ACQUISITIONS
Business support services group DCC has reported adjusted operating profit on continuing activities for the half year of just below £142m. That was up 16% on the same period last year.
The Board has decided to pay an interim dividend of just below 45 pence per share - an increase of 10%.
Donal Murphy, CEO of DCC, said the group was very pleased with performance for the six month period.
"The first half of the year accounts for about 30% of our profitability. We spent £270m on acquisitions, mainly in our tech division. The company recently raised £600m to strengthen its balance sheet and continue on its acquisitions path," Mr Murphy said,
"We're actively looking to deploy that across our four divisions - LPG, retail and oil, technology and healthcare. In the last 12 months we spent £900m so we're always looking as well as growing the business organically," the CEO added.
MORNING BRIEFS - Apple had shed around $40 billion in market value by the close of business last night amid concerns around iPhone sales. One of its suppliers - laser sensor maker Lumentum - said a large unnamed customer had materially cut orders. Sentiment towards Apple has soured since it said it would stop reporting iphone sales volume figures.
*** The European Commission is expected to reject Italy's budget for a second time today. Rome was told to revise its spending plans last month after it said it intended to increase spending rather than curtailing it. A showdown between Europe and its third biggest economy could put the euro under significant pressure.
*** Builders material group Grafton has reported like-for-like revenue growth in the first ten months of the year of 4.4%. It puts the group behind brands such as Woodies, Chadwicks and Heiton Buckley on course for a seventh consecutive year of double-digit earnings growth.
*** Amazon is set to announce its new split headquarters today. The online retailer is expected to name New York City and Virginia as the homes for its second and third bases. It is currently based in Seattle.