Hibernia REIT PLC New lease agreed at Harcourt Square (2912S)
20 December 2016 - 6:00PM
UK Regulatory
TIDMHBRN
RNS Number : 2912S
Hibernia REIT PLC
20 December 2016
New lease agreed at Harcourt Square
Hibernia REIT plc ("Hibernia") announces that it has agreed a
new non-renewable six year lease with the Office of Public Works
("OPW") at Harcourt Square, commencing in January 2017. The OPW
will pay annual rent of EUR6.0m for the offices, car parking and
ancillary facilities plus a one-off arrears payment of EUR0.5m.
Hibernia acquired Harcourt Square in February 2015: the property
comprises 117,000 sq. ft. of office accommodation and is fully let
to the OPW and occupied by An Garda Síochána (the police) at a rent
of EUR4.9m per annum on leases which will all have expired by the
end of December 2016. Since acquisition, Hibernia has secured
planning permission for the redevelopment of the property
consisting of 276,500 sq. ft. NIA of office and ancillary
accommodation arranged in four blocks of eight storeys over
basement.
Kevin Nowlan, Chief Executive Officer of Hibernia, said:
"We are delighted to have agreed terms with the Office of Public
Works. The new lease gives both parties certainty on the date of
departure and secures near term income for Hibernia. We will now
work to optimise our plans for what will be an outstanding future
development project."
ENDS
Contacts:
Hibernia REIT plc +353 1 536 9100
Kevin Nowlan, Chief Executive Officer
Tom Edwards-Moss, Chief Financial Officer
Murray Consultants
Doug Keatinge: +353 86 037 4163,
dkeatinge@murrayconsultants.ie
Jill Farrelly: +353 87 738 6608,
jfarrelly@murrayconsultants.ie
About Hibernia REIT plc
Hibernia REIT plc is an Irish Real Estate Investment Trust
("REIT") and is listed on the Irish and London Stock Exchanges. The
principal activity of the Company is to acquire and hold
investments in Irish property (primarily commercial property) with
a view to maximising shareholder returns.
This information is provided by RNS
The company news service from the London Stock Exchange
END
AGRAKCDPOBDDNBD
(END) Dow Jones Newswires
December 20, 2016 02:00 ET (07:00 GMT)
Hibernia Reit P.l.c (LSE:HBRN)
Historical Stock Chart
From Apr 2024 to May 2024
Hibernia Reit P.l.c (LSE:HBRN)
Historical Stock Chart
From May 2023 to May 2024
