IBI group Hldgs (01547) announced that on May 18, 2022, the company’s indirect subsidiary IBI International Investments Limited planned to acquire the property from vemada limited at a price of 13.5 million euros.
The property is a multi tenant building located in Adelaide chambers, Adelaide square, Peter street, Dublin 8, Ireland It is located in the heart of Dublin’s central business district, a prime location 400 meters west of St. Stephens green.
The property is a four storey building with a basement. On its east side, there is a four storey modern expansion, providing about 19600 square feet of office space and 31 underground parking spaces. On the date of this announcement, the property is leased to different tenants. The total annual rental income generated in each of the two years ended March 31, 2021 and 2022 is about 360000 euros and 408000 euros respectively. The existing lease will expire between 2022 and 2031.
The Board believes that the acquisition is an excellent opportunity for the group to enter the field of real estate development at an acceptable risk level. In view of the dynamic economic importance of the central business district in Downtown Dublin and the development prospects of the property, the Board believes that the acquisition provides the group with an excellent investment opportunity to expand and diversify into physical investment in Ireland, one of the major business and tourism centers in Europe.
