Real estate company, Hibernia REIT, has struck a deal to sell the IFSC based Forum building for €30.8m.

Contracts been exchanged over the sale with a company controlled by Spear Street Capital.

"Following the disposal of Dockland Central late last year, the sale of the Forum will enable us to recycle further capital into the delivery of Harcourt Square and Clanwilliam, consistent with our strategic priorities of asset clustering and ESG excellence, as well as giving us capacity for future acquisition opportunities," said Edwina Governey, Chief Investment Officer of Hibernia.

The buildings is located on Commons Street in the financial services district and is made up of 47,000 sq ft of office space over two floors.

It was built in 2003.

50 car parking spaces are included with the offices. There are also a further 320 spaces over four storeys which are leased by Park Rite Ltd.

Hibernia said it expects the deal to complete in the second quarter of this year.