Hibernia sells New Century House for €65.3m

Hibernia REIT has exchanged contracts to sell New Century House in Dublin to a fund managed by Credit Suisse Asset Management Global Real Estate in a €65.3m (£57.7m) deal.

The deal reflects a net initial yield of 4% and a capital value of €815 (£720) per sq ft.

Completion is expected to occur in September.

The property is located on Mayor Street in Dublin’s international financial services centre, and comprises 80,000 sq ft of offices with further basement storage areas and parking.

It is fully let to Bank of Ireland, producing rental income of €2.9m