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Ulster’s property loans sold

Property loans given by Ulster Bank will be acquired by Hibernia REIT. The total value of these loans is €67 million. The portfolio features 17 assets in total, mainly comprising of residential property assets. Among those assets is a partly-completed development of 213 apartments in Dundrum, Dublin, which the company intends to complete and make available to the rental market. A number of commercial property assets are also featured amongst the assets, including a 8,900 sq ft office on Grand Canal Dock in Dublin city centre. Three development sites complete the portfolio, one of which is in Co Kildare and two of which are in Dublin. Hibernia REIT said the acquisition will cost €70 million in total, with the company planning to spend around €20 million on development works.

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