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Everybody Wants A Hibernia Office: REIT Reports Low Vacancy Rate

Grand Canal Dock, Dublin
Dublin docklands

Hibernia REIT has said it expects its vacancy rate to fall from 7% to 2% if space under offer is taken up. 

In addition to the progress on lettings, Hibernia sold the Chanery D8 for €23.8m.  The price, which was slightly up on the September valuation, represented an ungeared internal rate of return in excess of 17%. This sale will allow Hibernia to explore other opportunities with higher expected forward returns, the company said.

Earlier this month Hibernia agreed the acquisition of 77 SJRQ in the South Docks for €28.7M together with a simultaneous letting of the entire building to IWG for a rent of €1.8M after the agreed nine-month free period.

"With a favourable letting market, a strong balance sheet to exploit opportunities and an experienced team, we are optimistic for the future," Hibernia Chief Executive Kevin Nowlan said.