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Hibernia says unpaid rent for current quarter is 5.5pc

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Hibernia boss Kevin Nowlan

Hibernia boss Kevin Nowlan

Hibernia boss Kevin Nowlan

Unpaid commercial property rent at Hibernia Reit stood at 5.5pc for the three months to September 30.

Of that 0.5pc has been waived, according to a trading update from the group.

Commercial rent represents around 90pc of the group’s contracted rent.

The company said its buildings remain open, and it is seeing early signs of growing occupancy as tenant staff begin to return to the office.

It added that it continues to engage with tenants and provide support on a case by case basis.

Elsewhere, Hibernia has collected 95pc of its residential rent for the month of July, while 99pc of rent for May and June has been collected.

Hibernia said it is “engaging with and assisting our residential tenants as necessary.”

Commenting on the update, Colm Lauder, analyst at Goodbody, said: “We had expected a pattern of continued strong rent collection from the Hibernia Reit portfolio and that has been delivered on early in the third quarter.

We are buoyed by the healthy engagement levels between landlord and tenant which has supported tenants moving from a deferred rental status to monthly payment, ensuring a stronger rent collection outcome for Hibernia.”

Online Editors