Irish REIT Hibernia expects to benefit from Brexit as occupiers look to decamp some operations from the UK to Ireland.
In its annual results Kevin Nowlan chief executive said: “Economic momentum remains strong in Ireland and we are seeing continued interest in Dublin from UK-based occupiers following the UK’s decision to leave the EU. We expect decisions on destination cities to start to be made in the second half of the year.
“We have a portfolio rich in opportunity, an exciting development pipeline and a strong balance sheet for further investment where we see opportunity.”
Banks such as JP Morgan, Barclays and Citigroup are to move staff to Dublin as a result of the EU referendum.
Hibernia expected to deliver 2.1m sq. ft of office space this year, of which are half is prelet. It expects to complete a further 1.5m sq ft in 2018 and 1.8m sq ft in both 2019 and 2020.
The company’s portfolio value increased by 9.9% during the year to €1.2bn (£1.8bn) and its EPRA NAV per share rose by 11.9% to 146.3p.
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