Hibernia Reit puts former Depfa Bank headquarters in IFSC on the market

Property investor Hibernia Reit is understood to have appointed JLL to sell the Forum building on Common Street in the IFSC, the former headquarters of German bank Depfa.

The real estate investment trust acquired the building for €37.8 million back in 2014 from an affiliate of Atlas Capital Group, and is understood to be looking to secure a buyer for the property, which is currently vacant, at a price below the €37.8 million it paid.

The six-floor building, built in 2002, comprises 47,109sq ft of office accommodation over two floors above four floors of car park space.

At the time of the acquisition in 2014, the total passing rent from the offices, together with 50 parking spaces, was about €2 million a year. A further €675,000 was generated from 320 parking spaces. These are currently rented by Park Rite, the car park operator.

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Depfa Bank was once Ireland's largest bank when measured by total assets, but ran into difficulties in the financial crisis. It was acquired by Austrian lender Bawag earlier this year. It is continuing to wind down its business. The bank's Irish operation is now located at the Irish Life Centre on Lower Abbey Street.

Hibernia

The sale of the Forum would be the latest divestment for the Irish property investor in Dublin's north docklands. Last month the Dublin-listed company said it had sold two prime office blocks, also in the IFSC, to German property giant Commerz Real for € 152.3 million.

They comprise 147,500sq ft of office accommodation across two blocks, with parking spaces for 144 cars and 167 bikes.

Hibernia purchased the adjoining office blocks on Guild Street in July 2014 for €90.8 million, and then spent a further €21 million refurbishing and expanding the office accommodation.

They are fully let to a range of occupiers, primarily from the technology, banking and capital markets and State agency sectors, with contracted rental income of €8 million a year.