Ireland newest REIT, Hibernia, has raised €365m (£305m) through a share placing.
The firm has completed its placing of 361.4m shares, the majority of which went to institutional investors, with a small portion representing €3.6m going to the board and founder group.
Hibernia is expected to be admitted to the London and Irish stock exchanges on 11 December.
Hibernia REIT chairman Daniel Kitchen said: ”We are very pleased with the high level of support from investors, with the offer being significantly oversubscribed. We are also delighted with the quality and breadth of our new institutional shareholder base.”
Kevin Nowlan, chief executive of Nowlan Property REIT Management, investment manager to Hibernia REIT, added: “The level of funds we have raised will allow Hibernia to create a property portfolio of scale and quality.
“We see unique opportunities to invest and look forward to creating a portfolio of assets capable of delivering attractive, sustainable earnings for our new investors.”
bridget.o’connell@estatesgazette.com
