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Hibernia REIT Sells Central Dublin Investment For €24M

Chancery Building, Dublin

Real estate investment trust Hibernia has sold the Chancery building in Dublin for €23.8M. 

The 35K SF office and apartment property is on Chancery Lane in the centre of Dublin. 

The figure equates to a net initial yield of 5.9% and a capital value of €645/SF for the office accommodation, the Irish Times reports. 

The building is fully let to tenants including Wella, Analytic Partners and the Office of Public Works. The rent totals €1.5M per year. 

Hibernia bought the Chancery Lane property in May 2014 for €16M. The price presented a net initial yield of 6.8% and a capital value of €445/SF.

Hibernia Chief Investment Officer Richard Ball said the sale would allow the company to concentrate on other projects.

“The Chancery was one of our early purchases in 2014 via a secured loan acquisition,” he said. “Since then, the building has performed strongly due to the attractive purchase price, our leasing activity and the market recovery. This sale allows us to recycle our capital into new projects.”

Other high profile sales in December include Carton House, which sold for €50M. The Kildare estate was sold by the Mallaghan and Kelly families to Irish American businessman John Mullen.