Wednesday 17 January 2018

Hibernia REIT profits soar 47pc as portfolio value surges €286m

Kevin Nowlan. Photo: El Keegan
Kevin Nowlan. Photo: El Keegan
Michael Cogley

Michael Cogley

Profits at property firm Hibernia REIT soared by 47pc in the 12 months ending March 31 while the company's portfolio value surged by more than €286m to €927.7m.

Hibernia splashed out €179m on acquisitions during the year with all office deals being concluded as either asset management opportunities or future potential developments.

EPRA NAV per share increased by 17pc in the period to 130.8c with an EPRA profit of €10m.

The firm's proposed final dividend stood at 0.8c brninging the total dividend for the year up to 1.5c, almost double the full-year dividend from 2015.

The company also concluded a 50:50 arrangement with an affiliate of Starwood Capital on a development on Windmill Lane.

Hibernia chief executive Kevin Nowlan said the company was delighted with the strong results.

"We have continued to be disciplined in deploying our capital into selective acquisitions which we believe will enhance our portfolio and we grew our longer term pipeline of development projects substantially in the year. 

"Our committed schemes, which will deliver 354,000 sq. ft. of high quality office space in Dublin’s city centre, are progressing well and will be completed over the next 24 months when new supply is expected to be limited.

“The strength of the domestic economy together with low vacancy rates in Dublin gives us confidence, given a benign global economic backdrop, in the prospects for further rental growth.  Our portfolio is rich in opportunity and we have substantial undrawn facilities to move quickly on further acquisition opportunities, underpinning our confidence for the future," Mr Nowlan said.

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