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Hibernia REIT sees boom in Dublin office market

The Hibernia REIT real estate investment trust reported after-tax profits of 21.2 million euros for the six-month period ended at the end of September, as the value of its portfolio rose 0.4% to 1,450.4 million euros. euros.

Hibernia REIT said it has seen an upturn in activity in the Dublin office market since May.

He noted a particular interest in a top-notch, environmentally, socially and corporate governance (ESG) efficient downtown space.

“While the government’s decision to advise a temporary return to work from home is likely to impact business in the short term, with our clear strategy, an exciting development pipeline ready to kick off in 2022 and the team and the funding in place to implement it, we remain optimistic about our longer-term outlook, ”he said.

During the six-month period, Hibernia said it completed the 2 Cumberland Place and 50 City Quay projects, which delivered 62,500 square feet of new office space.

He also said he was also in advanced talks on a substantial pre-lease to KPMG of the Harcourt Square development.

The company also sold Dockland Central, one of its least energy efficient properties, for 152.3 million euros in October, with the proceeds to be recycled into the delivery of the Clanwilliam Quarter and Harcourt Square developments.

He also said he continued to see high rent collection rates and an increase in contract rents during the rental period. 99% of the rents due for the six months to the end of September have been received or on agreed payment terms, he added.

Its annual contractual rent stood at € 68.2 million at the end of September, up 1.5% since March.

“We are making good progress on our strategic priorities of asset consolidation and ESG excellence, the main achievements since March 2021 being the completion of the 2 Cumberland Place and 50 City Quay developments and the sale of Dockland Central”, Kevin Nowlan, Director General of Hibernia, said.

“Our business continues to perform well, with strong rental collection, a stable portfolio valuation and new leases agreed supporting an interim dividend of two cents per share, the same as last year,” added Mr. Nowlan.