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Hibernia buys apartment block

Hibernia REIT has bought an apartment complex in south Dublin for €28m.

Hibernia - which is listed in Dublin and London - announced yesterday that it had exchanged contracts to acquire Dundrum View, in the South Dublin suburb for €28.05m, in an off-market transaction.

The 80-unit apartment complex is located close to the M50 and is beside Dundrum Town Centre.

It is fully let, generating net annual rent of €1.36m, and a net initial yield of 4.7pc.