Stars to align for U2 studio redeveloper
Hibernia REIT, the listed landlord redeveloping U2's old recording studio in Dublin's docklands, looks set to unveil another leap in annual profits this week as Ireland's fast-paced economic growth continues to propel prime office rents higher.
The bullish outlook comes amid heightened expectations of an influx of Brexit-related jobs after JPMorgan confirmed plans to move at least 1,000 employees to the capital earlier this month.
Hibernia's flurry of recent leasing agreements, including a pre-letting deal at Windmill Lane, where U2 recorded some of its best known tracks, has provided concrete evidence of the increased demand for office space, prompting predictions of a post-results fillip for the share price.
The real estate investment trust (Reit), led by CEO Kevin Nowlan, publishes its full year 2017 numbers tomorrow with Goodbody pencilling in a near 20pc increase in property income to €40.1m. In a note to clients last week, the analyst Colm Lauder argued this figure "will grow further through FY18 as developments complete, rent reviews are negotiated and incentives expire".