Commerz Real buys Dublin office from Hibernia
Commerz Real has bought a near-150,000 sq ft office in Dublin for €152.3m (£129.6m).
One and Two Dockland Central has been sold to Commerz Real’s hausInvest fund by Hibernia REIT, which said the deal reflects a net initial yield of about 4.75%.
The site, in Dublin’s North Docks, has some 147,500 sq ft of office space across two adjoining blocks. Its tenants – spanning the technology, banking and state agency sectors – pay a contracted annual rent of €8m a year at an average of €51 per sq ft.
Commerz Real has bought a near-150,000 sq ft office in Dublin for €152.3m (£129.6m).
One and Two Dockland Central has been sold to Commerz Real’s hausInvest fund by Hibernia REIT, which said the deal reflects a net initial yield of about 4.75%.
The site, in Dublin’s North Docks, has some 147,500 sq ft of office space across two adjoining blocks. Its tenants – spanning the technology, banking and state agency sectors – pay a contracted annual rent of €8m a year at an average of €51 per sq ft.
Hibernia bought the buildings in 2014 for €90.8m, representing a net initial yield of 6.6%, and has since invested €21m in refurbishing and expanding the office.
Edwina Governey, chief investment officer at Hibernia, said: “During our ownership, One and Two Dockland Central has been a good example of the type of active asset management in which we specialise. Having acquired the property in 2014, we negotiated lease surrenders from the main tenants, upgraded and expanded the lettable area before reletting it to a mix of high-quality occupiers, unlocking significant value for our shareholders.”
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