Office block sale to fund share buyback
Landlord and developer Hibernia Reit has commenced a share buyback programme of up to €25m.
This comes as it confirmed the sale 77 Sir John Rogerson's Quay in Dublin 2 for €35m, the net process of which will be used for the share buyback.
The office block, located close to the Samuel Beckett bridge, was acquired by Hibernia last year for €28.7m.
It comprises 34,400 sq ft of office accommodation and 20 parking spaces and is fully let to International Workplace Group (IWG).
Kevin Nowlan, Hibernia Reit CEO, said: "We acquired 77 SJRQ in early 2018 and simultaneously agreed to let the entire building to IWG on a long lease. This, together with the improving surroundings in the eastern end of the South Docks, has resulted in a significant uplift in value during our ownership.
"The sale allows us to concentrate on our larger investments and our development pipeline."