Sunday 25 September 2016

Hibernia REIT enters new €400m credit facility as profits more than double

Paul O'Donoghue

Published 12/11/2015 | 07:26

Minister for Finance Michael Noonan T.D. with Kevin Nolan, CEO, Hibernia REIT and Deirdre Somers, Chief Executive of the Irish Stock Exchange, pictured at the launch of Hibernia REIT admission to trading in the Irish Stock Exchange in December
Minister for Finance Michael Noonan T.D. with Kevin Nolan, CEO, Hibernia REIT and Deirdre Somers, Chief Executive of the Irish Stock Exchange, pictured at the launch of Hibernia REIT admission to trading in the Irish Stock Exchange in December

Irish property investment firm Hibernia REIT has announced a new €400m credit facility as its half year pre-tax profits more than doubled to almost €74m.

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The company's interim results for the six months to the end of September show that it made a pre-tax profit of €73.7m, up from €31.9m during the same period last year.

Earnings per share rose from 8.3 cent to 11 cent while the company hiked its interim dividend from 0.3 cent to 0.7 cent.

The company engaged in significant letting activity during the period including a major 85,000 sq ft pre-let to Twitter at Cumberland House, and also a 27,500 sq ft letting to HubSpot in the newly christened One Docklands Central , formally Commerzbank House.

Hibernia said that it is making "strong progress" on its development pipeline including completing and fully letting the 213 apartment project at Wyckham Point.

The firm had €115m of net cash as of the end of September, down slightly from the €139m it had at the end of March.

The company also announced today that it has secured a new €400m revolving credit facility to replace the previous €100m facility. Hibernia said that the facility provides "low cost and flexible funding" so it can move quickly on new opportunities.

CEO Kevin Nowlan said: “We are pleased with the performance for the first half of the year.

"The Dublin property market is well supported by the economic growth Ireland is enjoying and with new, flexible funding in place allowing us to act quickly as opportunities arise we are optimistic for the future.”

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