Hibernia Reit acquires building in IFSC

7,109 square feet of office accommodation over two floors above four floors of car park space sells for €37.8m

Property investment vehicle Hibernia Reit has acquired The Forum building in the IFSC for €37.8 million. Currently the offices are let to Depfa Bank on annual rent of €40 per square feet on leases which expire in 2029.

The total passing rent from the offices, together with 50 parking spaces also let to Depfa, is worth €2 million a year. The remaining 320 car parking spaces are currently utilised by Park Rite, paying €675,000 per annum, on a lease that has formally expired. Hibernia said lease discussions are ongoing with the tenant.

Article Published: 25/08/2014