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Hibernia REIT PLC (HBRN)

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Tuesday 25 February, 2020

Hibernia REIT PLC

2WML fully let

RNS Number : 9742D
Hibernia REIT PLC
25 February 2020
 

2WML fully let 

Hibernia REIT plc ("Hibernia") announces that it has let the remaining 47,500 sq. ft. available in 2WML to Zalando Ireland Limited ("Zalando"), a subsidiary of Zalando SE, a leading European online fashion platform. 
   
Zalando will occupy the remaining floors in 2WML on a 15-year lease, with term certain of seven years.  After a six month rent free it will pay initial rent of €2.9m per annum, including contributions to the reception and car parking, which is modestly ahead of the September 2019 estimated rental value ("ERV") on a net effective basis. 

Following this agreement 2WML, which comprises 60,000 sq. ft. of offices and a 12,000 sq. ft. gym, is fully let to Zalando, Udemy and Perpetua (gym), with contracted rent of €3.9m per annum and a weighted average term certain of six years for the office space.  The vacancy rate in the in-place office portfolio has now reduced to 7% and discussions remain under way on much of the remaining vacant space. 

Justin Dowling, Hibernia's Director of Property, said: 

"We are delighted to welcome Zalando to 2WML and the Windmill Quarter.  Following this letting the Quarter's c.400,000 sq. ft. of office accommodation is fully occupied, marking the completion of a six-year programme to transform the Windmill Lane area in Dublin's South Docks and the creation of our first cluster of office buildings."

 

ENDS

 

Contacts:

Hibernia REIT plc +353 1 536 9100

Justin Dowling, Director of Property

Tom Edwards-Moss, Chief Financial Officer

 

Murray Consultants

Doug Keatinge: +353 86 037 4163, [email protected]

Jill Farrelly: +353 87 738 6608, [email protected]

 

About Hibernia REIT plc

Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT"), listed on Euronext Dublin and the London Stock Exchange.  Hibernia owns and develops property and specialises in Dublin city centre offices.


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