Sale.

The IRFU has confirmed the detail contained in a statement issued by Hibernia REIT plc to Euronext Dublin and the London Stock Exchange today, that it is the vendor of a c. 92 acre site at Newlands, Co Dublin to Hibernia REIT plc for a sum of €27M.

The governing body hopes to use the funds to help further develop the “grass roots” game in Ireland and it’s also envisaged that a portion of the proceed will go towards “new club and playing facilities development programmes.”

Commenting Philip Browne, Chief Executive, IRFU 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.

The sale of the lands at Newlands, acquired by the IRFU between 1994 and 1996, has been identified for some time as imperative to delivering on this objective.

It will now allow the Union 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.

It is also envisaged that a portion of the proceeds will be provided for new club and playing facilities development programmes.”