Real estate investment company Hibernia REIT today said it has exchanged contracts to acquire the Observatory Building in Dublin for €52.25m.

The property is located on the riverfront at Sir John Rogerson’s Quay in the South Docks area of Dublin and is immediately in front of the Hanover Building and Windmill Lane site, which Hibernia recently acquired.

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The Observatory Building was built in 2006 and comprises 86,213 sq. ft. of Grade A office accommodation arranged over six floors accessed from Sir John Rogerson’s Quay, with 47 basement parking spaces. In addition there are eight partially completed two bedroom apartment units of c. 1,400 sq. ft. each and two vacant retail units totalling 2,059 sq. ft., fronting onto Windmill Lane.

Following the completion of this transaction, Hibernia will have concluded eight acquisitions since listing, committing €307m, over 82pc of the net proceeds raised in December 2013.

Kevin Nowlan, Chief Executive Officer, WK Nowlan REIT Management Limited, the Investment Manager, said: “Our acquisition of the Observatory Building adds another high quality, central Dublin office property with substantial reversionary potential to our portfolio. Its location adjacent to our existing office building and site with planning permission for 125,000 net sq. ft. of offices on Windmill Lane consolidates our position in this attractive and easily accessible South Docks area and will offer significant benefits in the longer term through active asset management.”