Hibernia seals Docklands deal with ComReg

As the real estate firm says it's unclear whether Brexit will have a positive or negative effect on Dublin market...

Hibernia REIT has said it is too early to assess how Brexit will affect Dublin's commercial property market.

The real estate firm’s chief executive Kevin Nowlan noted, however, that it is well-placed to capitalise on any upcoming opportunities due to its low gearing and talented workforce.

Nowlan was giving a trading update issued ahead of the group’s shareholder meeting in Dublin today.

It also announced this morning that it has leased the remaining 30,200 sq ft of One Dockland Central to Commission for Communications Regulation (ComReg) in a €1.6 million-a-year deal.

The 20-year lease has an occupier-only break option after 11 years. Hibernia is charging ComReg an average rent of €50 per square foot.

In June, Hibernia acquired three office buildings at Clanwilliam Court on Lower Mount Street for €51m. 

The group had net debt of €115m in cash and undrawn credit facilities of €307m at the end of that month.