Hibernia REIT invests €443m in Dublin property

Company’s portfolio comprised 18 properties and was valued at €636m at year end

 Hibernia REIT non executive director Colm Barrington, chairman Daniel Kitchen, and non executive director,Terence O’Rourke. The property investment company  has invested €445 million in Dublin properties  in the year to March 31.

Hibernia REIT non executive director Colm Barrington, chairman Daniel Kitchen, and non executive director,Terence O’Rourke. The property investment company has invested €445 million in Dublin properties in the year to March 31.

 

Property investment company Hibernia REIT has invested €445 million invested and committed €43 million in Dublin property in the year to March 31.

Since March 31, the company invested a further €3 million in two transactions.

Hibernia REIT Chairman Danny Kitchen said Hibernia’s first full year has been highly active with €488 million invested and committed in 14 transactions.

“At year end the company’s portfolio comprised 18 Dublin properties and was valued at €636 million”.

He added that the company’s commitment to uncovering opportunities away from public sales processes and in the property loan market, where there has been less competition, has been a significant contributor to the uplift in the value of the properties.

The company had €139 million in cash at March-end and a €100million revolving credit facility which is undrawn.

In March Hibernia said it had exchanged contracts to acquire Cumberland House, near Fenian Street in Dublin 2, from Morretino for €49 million.

Earlier this month, the property investment company acquired two properties in Dublin’s south docks for €4.5 million. The properties are located on Lime Street, in Block 11 of the area designated by Dublin City Council as a Strategic Development Zone.

Hibernia said a total of €571 million has been invested and committed since its IPO, with 88 per cent of acquisitions completed off-market.