FINANCE: Hibernia REIT spent €319m (£254.4m) on Dublin property in the half year to 30 September, using up all the proceeds from its initial public offering.
The Dublin-based firm said today that it also committed €78m to assets in Ireland’s capital during the six months.
Since its IPO in December 2013, a total of €476m has been invested and committed – fully deploying IPO net proceeds.
In the six months to 30 September, EPRA NAV per share stood at 104.7c, up 8.6% from March 2014.
During the half year, Hibernia also agreed a €100m three-year revolving credit facility with Bank of Ireland.
Earlier this month, a secondary equity offering completed raising gross proceeds of €300m.
Chairman Danny Kitchen said: “While the investment of the IPO proceeds has been rapid, the focus has been on investing wisely and it has been really encouraging to see the returns generated by the portfolio in a short hold period.”
