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Hibernia may buy Cumberland House

Thursday, July 24 10:35:16

Property investment group, Hibernia REIT, is in talks to acquire Cumberland House, a seven storey 112,000 square feet office building located close to Merrion Square in dublin.

Hibernia said there can be no certainty that a deal to acquire Cumberland House will be completed.

Earlier this week, it said it has now invested over 90pc of the funds raised at its E385 million initial public offering in December.

Most recently, the company acquired Guild House and Commerzbank House in central Dublin for E90.8 million in cash from a syndicate of private investors in an off-market transaction. Following this acquisition, Hibernia said E336 million has been invested since its IPO.

Goodbody Stockbrokers this morning said details of the deal were few and far between but that the company is still in acquisition mode.

" This is a refurbishment play for Hibernia in a very substantial office block which could appeal to one very large tenant (or multiple tenants). Hibernia indicated earlier in the week it is progressing with putting debt facilities in place (in addition to possible disposal opportunities from some non-core assets from earlier transactions), so has ample firepower with which to effect this possible transaction," the broker said.

For more visit www.businessworld.ie