The Irish Rugby Football Union (IRFU) has confirmed the detail contained in a statement issued by Hibernia Real Estate Investment Trust (REIT) to Euronext Dublin and the London Stock Exchange.
The statement confirmed the IRFU is the vendor of a 92ac site at Newlands, Co. Dublin to Hibernia REIT for a sum of €27 million.
Commenting on the sale of the lands, the IRFU chief executive Philip Browne said: “The IRFU regards the delivery of a sustainable, long term, additional income stream for investment in the domestic game – for the benefit of clubs and schools – as one of its key priorities.”
A statement from the IRFU has explained that the land has been “identified for some time as imperative to delivering on its objective”.
Continuing, Browne said: “The sale will now allow the IRFU the opportunity to progress investment options which will, in addition to securing a new realisable asset, produce an additional, long-term income stream to support further development of the domestic grass roots game on this island, in the decades to come.”
Browne concluded: “It is also envisaged a portion of the proceeds will be provided for a new club and to implement development programmes for playing facilities.”