December 8, 2016

Property investment firm Hibernia Reit has acquired a 50pc stake of its partner Starwood Capital in 1 Windmill Lane in Dublin’s docklands, costing €27.5m.

The project, due to be finished late 2017, will develop the one-acre site, where 122,000 sq ft of offices, 7,000 sq ft of retail and 14 homes are being built.

Hibernia, led by CEO Kevin Nowlan, has also assumed Starwood’s half share of the €44.2m non-recourse debt facility with Deutsche Bank, €8.8m of which is currently drawn.

“We are delighted to gain full ownership of 1 Windmill Lane, which, together with 1SJRQ, will deliver over 230,000 sq ft of best-in-class new office accommodation in central Dublin at a time when vacancy is at record lows,” said Hibernia chief investment officer Richard Ball.

Hibernia has recently fully leased its newly refurbished Cumberland House. The company spent €51m on the Dublin premises and a further €29m on refurbishment. The building’s remaining 33,000 sq ft is now leased to Mobile Travel Technologies.