Hibernia adds to Newlands Cross holdings in Dublin
By Josh White
Date: Monday 12 Nov 2018
(Sharecast News) - Hibernia REIT announced two acquisitions of land at Gateway - Newlands Cross on Monday, taking its total interests in the area to 143.7 acres.
The London-listed real estate investment trust said 92.5 acres was being acquired from the Irish Rugby Football Union for initial consideration of €27m, with 5.8 acres acquired from a separate party for €1.7m.
Both the IRFU land and the additional land adjoined Hibernia's existing holdings, and both were zoned for agricultural use under South Dublin County Council's development plan for 2016 to 2022.
Hibernia said it would pay an initial €27m for the IRFU land.
If Hibernia's lands were re-zoned in the next 10 years, the IRFU would 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 company said the acquisition of the additional land for €1.7m was completed in October.
Prior to the acquisitions, Hibernia held 45.4 acres of land at Newlands Cross - the 14.1 acre Gateway industrial and logistics site acquired in 2014 for €10.1m, and a further 31.3 acres of adjacent agricultural land acquired in 2017 for €6.0m.
"We are delighted to have agreed these acquisitions which take Hibernia's total holding in the area to 143.7 acres," said Hibernia's chief investment officer Richard Ball.
"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."
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN