Hibernia REIT PLC Acquisitions of land at Newlands Cross, D24 (9764G)
12 November 2018 - 6:00PM
UK Regulatory
TIDMHBRN
RNS Number : 9764G
Hibernia REIT PLC
12 November 2018
Acquisitions of land at Gateway / Newlands Cross, D24
Hibernia REIT plc ("Hibernia") announces two acquisitions of
land at Gateway / Newlands Cross (the "Acquisitions") taking its
total interests in the area to 143.7 acres:
-- 92.5 acres is being acquired from the Irish Rugby Football
Union (the "IRFU") for initial consideration of EUR27m (the "IRFU
Land")
-- 5.8 acres has been acquired from a separate party for EUR1.7m (the "Additional Land")
Both the IRFU Land and the Additional Land adjoin Hibernia's
existing holdings and both are zoned for agricultural use under
South Dublin County Council's Development Plan (2016-2022).
Hibernia will pay an initial EUR27m for the IRFU Land (the
"Initial Consideration"). If Hibernia's lands are re-zoned in the
next 10 years the IRFU will be entitled to an additional payment
equating to 44% of the market value of the lands at that date less
the Initial Consideration, subject to certain minimum payments (the
"Potential Future Consideration").
The acquisition of the Additional Land for EUR1.7m was completed
in October 2018.
Prior to these acquisitions Hibernia held 45.4 acres of land at
Newlands Cross: the 14.1 acre Gateway industrial/logistics site was
acquired in 2014 for EUR10.1m and a further 31.3 acres of adjacent
agricultural land was acquired in 2017 for EUR6.0m.
Richard Ball, Chief Investment Officer of Hibernia, said:
"We are delighted to have agreed these acquisitions which take
Hibernia's total holding in the area to 143.7 acres. The land is
located within eight kilometres of Dublin's city centre and
benefits from excellent transport infrastructure, including the
Luas Red Line and the M50 and N7 motorways. It is an ideal
candidate for mixed-use development, including a large element of
infill residential."
ENDS
Contacts:
Hibernia REIT plc +353 1 536 9100
Richard Ball, Chief Investment Officer
Tom Edwards-Moss, Chief Financial Officer
Murray Consultants
Doug Keatinge: +353 86 037 4163, dkeatinge@murraygroup.ie
Jill Farrelly: +353 87 738 6608, jfarrelly@murraygroup.ie
About Hibernia REIT plc
Hibernia REIT plc is an Irish Real Estate Investment Trust
("REIT"), listed on Euronext Dublin and the London Stock Exchange.
Hibernia owns and develops property and specialises in Dublin city
centre offices.
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END
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