New property firm Hibernia REIT plans Dublin floatation

A new property investment company Hibernia REIT has announced plans to float on the Dublin and London stock exchanges with the intention of raising €350 million.

Hibernia REIT plans to follow Green REIT, the first trust to float since the passage of last year’s Finance Act paved the way for the establishment of these property investment vehicles here.

REITs are quoted companies that own or operate commercial property. They are not taxed on the rental income as long as they pay 85 per cent of it to their shareholders as a dividend.

Hibernia REIT’s objective is to assemble a portfolio of income-producing properties mainly in the commercial space and in the greater Dublin area, the company said.

The company's portfolio will be managed by Kevin Nowlan, a former portfolio manager with Nama.

"The establishment of Hibernia REIT is a significant landmark for the Irish property sector," chairman Daniel Kitchen said.

“We are fortunate to have in place an experienced investment management team with a track record of value creation at a time when there is an abundance of opportunities.”

“It is a team with the detailed market knowledge required to secure the right properties and, we believe, to deliver sustainable and real returns for our shareholders,” he added.