Hibernia REIT sells the Forum in Dublin’s IFSC for €31m

Property group Hibernia REIT is selling the Forum in Dublin's International Financial Services Centre (IFSC) in a deal worth almost €31 million.

The company said it has exchanged contracts to sell the Forum to a company controlled by Spear Street Capital for €30.8 million, a price that is in line with the September 2021 carrying value.

Built in 2003, the Forum includes 47,000 sq ft of office space over two floors, above a four-storey car park with 370 spaces. The vacant offices benefit from the use of 50 car parking spaces, with the remaining 320 used by parking company Park Rite Limited, on a €600,000 per annum lease that expires in mid-2033.

The deal is expected to complete in the second quarter of 2022.

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"Following the disposal of Dockland Central late last year, the sale of the Forum will enable us to recycle further capital into the delivery of Harcourt Square and Clanwilliam, consistent with our strategic priorities of asset clustering and ESG excellence, as well as giving us capacity for future acquisition opportunities," said Edwina Governey, chief investment officer of Hibernia.