StockMarketWire.com - Hibernia REIT said Monday it had acquired two plots of land at Gateway and Newlands Cross for an initial €28.7m.

The company said 92.5 acres was acquired from the Irish Rugby Football Union for initial consideration of €27m, and 5.8 acres had been acquired from a separate party for €1.7m.

If Hibernia's lands were to be re-zoned in the next 10 years, then the Irish Rugby Football Union would be entitled to an additional payment equating to 44% of the market value of the lands at that date less the initial consideration of €27m, the company said.

'We are delighted to have agreed these acquisitions which take Hibernia's total holding in the area to 143.7 acres, said Richard Ball, Chief Investment Officer of Hibernia.

'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.'


At 8:56am: [LON:HBRN] Hibernia REIT Plc share price was -0.02p at 1.35p



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