Hibernia REIT Acquire 99 Acres in Newlands Cross - Construction Network Ireland - Construction Network Ireland

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Published in Commercial Property on 12/11/2018

Hibernia REIT Acquire 99 Acres in Newlands Cross

CNI Editor reports

Hibernia Reit has acquired two parcels of land at  Newlands Cross, bringing its total interest in the area to 143.7 acres.

The investment company is to pay €27 million for 92.5 acres it is acquiring from the Irish Rugby Football Union (IRFU), and €1.7 million for 5.8 acres from a separate party.

Richard Ball, chief investment officer of Hibernia, said it is “delighted” to have agreed these acquisitions which take Hibernia’s total holding in the area to 143.7 acres.

“The land is located within eight kilometres of Dublin’s city centre and benefits from excellent transport infrastructure, including the Luas Red Line and the M50 and N7 motorways. It is an ideal candidate for mixed-use development, including a large element of infill residential.”

The land is currently zoned for agricultural use. However, if the land acquired from the IRFU is re-zoned in the next 10 years, then the rugby union will be entitled to an additional payment equating to 44 per cent of the market value of the lands at that date, less what Hibernia Reit has already paid for it.

Hibernia previously held 45.4 acres of land at Newlands Cross. The 14.1 acre Gateway industrial/logistics site was acquired in 2014 for € 10.1 million and a further 31.3 acres of adjacent agricultural land was acquired in 2017 for € 6 million.