Construction News

03/04/2014

Hibernia REIT In €10m Newlands Cross Deal

Hibernia REIT has announced the acquisition of the Gateway site at Newlands Cross in Dublin for €10m.

The site was formerly owned by An Post, but was in May 2006 for €107m.

The property consists of an industrial/logistics facility with 178,000 sq. ft. of warehouse accommodation and occupies a 14 acre site on the Naas Road.

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"The site occupies a strategic location adjacent to the intersection of Ireland’s two busiest roads and Dublin’s light rail system," said chief executive Kevin Nowlan said. "The current upgrade works being undertaken to the Naas Road will considerably enhance the attractiveness of this property."

This deal marks the third the third acquisition by Hibernia since listing last December. Last month the company announced it would purchase New Century House in Dublin’s International Financial Services Centre (IFSC) for €47m.

(IT/MH)

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