Value of Hibernia Reit portfolio climbs 2.5pc to €1.4bn

Listed landlord and developer Hibernia Reit has reported a 2.5pc increase in its portfolio value to €1.4bn in the three months to 31 December.

This resulted in a net asset value per share of 170.1 cent, a final performance fee of €5.4m and a final base fee top-up of €1.5m, which is payable to management, the group said in a trading update.

The group’s 1 Sir John Rogerson’s Quay (“1SJRQ”) and 2 Windmill Lane (“2WML”) developments are expected to complete in this month, with 1SJRQ offices already fully let to HubSpot.

Final grants of planning permission have been received for a 315,000 sq. ft. redevelopment of Harcourt Square and for a refurbishment and extension of Marine House to 49,000 sq. ft.

Kevin Nowlan, CEO of Hibernia, said: “Demand for office space in Dublin remains high and with our significant pipeline of development opportunities, strong balance sheet with long-term funding and experienced management team, Hibernia continues to be well positioned.” 

“In the near term, we are focused on letting the space coming available in the portfolio and completing the outstanding rent reviews.”           

In November last year Hibernia acquired 92.5 acres of land at Newlands Cross from the IRFU for initial consideration of €27m, taking Hibernia’s interest in the area to 143.7 acres.

At 31 December 2018 the group had net debt of €205m, a loan to value ratio of 14.5pc, and cash and undrawn facilities of €115m.

Separately and the group announced that Richard Ball is to leave the company to pursue another opportunity and will step down as chief investment officer at the end of March.

Edwina Governey, who is currently senior investment manager, will be appointed as interim CIO, subject to approval by the Central Bank.    

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