Irish listed property firm Hibernia REIT is providing a €38 mln short-term loan to the owners of Cumberland House on Fenian Street in central Dublin.

Irish listed property firm Hibernia REIT is providing a €38 mln short-term loan to the owners of Cumberland House on Fenian Street in central Dublin.

Hibernia REIT has been in exclusive discussions to acquire the office block in the Dublin 2 district since for a month. The loan is fully secured on Cumberland House and has an interest rate of 6% per annum.

Cumberland House is a seven-storey office building of 10,400 m2 with 'substantial refurbishment opportunities'.

Separately, Hibernia announced that it has entered a contract with local contractor JJ Rhatigan & Company (JJR) for the fit-out and completion of its 213 partially-completed apartments in Block 3, Wyckham Point, Dundrum, Dublin 16.

JJR will commence on site immediately and it is expected that the first apartments will be available to let by mid-2015 and that the project will be fully completed by the end of 2015. The total cost to complete the apartments is expected to be less than €25 mln.

Earlier this week Hibernia also added a mixed-use, freehold site to its holdings on Dublin's South Docks in an off-market transaction valued at almost €18 mln. The 0.3-hectare site at 1-6 Sir John Rogerson’s Quay fronts onto the River Liffey and adjoins Hibernia’s recently acquired Observatory Building.