Hibernia REIT acquires Newlands Cross site for €10m

Hibernia REIT is to acquire the Gateway site at Newlands Cross in Dublin for €10 million.

The site was formerly owned by An Post, but was sold to two Dublin brothers in May 2006 for €107 million.

The property investment company said the property comprises an industrial/logistics facility with 178,000 sq. ft. of warehouse accommodation and occupies a 14 acre site on the Naas Road.

The property is currently 46 per cent occupied and is producing an annual rental income of €517,000.

"The site occupies a strategic location adjacent to the intersection of Ireland's two busiest roads and Dublin's light rail system. The current upgrade works being undertaken to the Naas Road will considerably enhance the attractiveness of this property," chief executive Kevin Nowlan said.

This is the third acquisition by Hibernia since listing last December and will bring total funds invested to approximately €128 million in a diverse portfolio of assets. Last month the firm announced it was purchasing New Century House in Dublin’s International Financial Services Centre (IFSC) for €47 million.

The €10 million cost of the Newlands Cross acquisition will be financed from existing cash resources.