Hibernia lets remaining space at Dublin's 2WML to Zalando
By Josh White
Date: Tuesday 25 Feb 2020
(Sharecast News) - Hibernia REIT has let the remaining 47,500 square feet available at 2WML to Zalando Ireland, it announced on Tuesday, which is a subsidiary of European online fashion firm Zalando.
The London-listed real estate investment trust said Zalando would occupy the remaining floors in 2WML on a 15-year lease, with term certain of seven years.
After a six month rent-free period, it would pay initial rent of €2.9m (?2.42m) per annum, including contributions to the reception and car parking, which was modestly ahead of the September estimated rental value on a net effective basis.
Following the agreement, 2WML - which comprises 60,000 square feet of offices and a 12,000 square foot gym, was fully let to Zalando, Udemy and the gym Perpetua, with a contracted rent of €3.9m per annum and a weighted average term certain of six years for the office space.
The vacancy rate in the in-place office portfolio had now reduced to 7%, with Hibernia saying discussions remained underway on much of its remaining vacant space.
"We are delighted to welcome Zalando to 2WML and the Windmill Quarter," said the company's director of property Justin Dowling.
"Following this letting the Quarter's 400,000 square feet of office accommodation is fully occupied, marking the completion of a six-year programme to transform the Windmill Lane area in Dublin's South Docks and the creation of our first cluster of office buildings."
At 0950 GMT, shares in Hibernia were down 0.95% in London, at €1.35.
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