Tuesday 24 October 2017

TIAA-CREF lifts stake in Hibernia REIT

Hibernia Reit chief executive Kevin Nowlan
Hibernia Reit chief executive Kevin Nowlan

Gretchen Friemann

TIAA-CREF, which manages US$889bn worth of assets under management, has lifted its stake in the listed landlord and developer, Hibernia REIT.

The New York-based company crossed the substantial shareholder threshold on Monday, a day before the real estate investment trust reported its annual results.

The change in TIAA-CREF's holding was incremental, taking it to 5.09pc from 4.90pc, but it comesas investors continue to pile into the stock following the release of Hibernia's annual results on Tuesday, which showed a 9.9pc increase in the 2017 valuation of the portfolio to €1.167bn. An increase in the total distribution also helped propel the stock upwards.

Over the past week HIbernia's shares have leapt by over 5pc and are now trading at €1.34.

TIAA-CREF was part of the first wave of US investors into Ireland's nascent REIT sector, injecting equity into Green REIT, which debuted on the stock exchange six months before Hibernia.

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