| Item | Result |
|---|---|
| Pretax profit end Sept 2015 | €73.7m |
| EPRA NAV per share six months to end Sept 2015 | 9.2% rise |
| Rental income six months to end Sept 2015 | €34.4m |
Hibernia REIT has secured a new €400m (£283m) revolving credit facility as the company looks to build out its development pipeline.
The new loan from a three-bank syndicate – which replaces an existing €100m facility due to mature in August 2017 – comes as the company posted a 9.2% increase in EPRA NAV per share for the six months to the end of September.
Hibernia has recorded €73.7m in pretax profit.
NAV growth was driven by strong leasing activity including Twitter’s prelet of 85,000 sq ft at Cumberland House in Dublin at €50 (£35.40) per sq ft and 27,500 sq ft in One Dockland Central, in the International Financial Services Centre in Dublin, to HubSpot at €45 per sq ft.
The company’s rental income is up over the period by 52%, at €34.4m, and the new loan will fund further new development to capture the active occupier demand in the Irish market.
The next wave of developments include Windmill Lane and 1-6 Sir John Rogerson’s Quay, both in Dublin, which are on track to complete in late 2017 and mid-2018. Planning has also been granted for phase 1 of Harcourt Square’s redevelopment in the Irish capital.
Acquisitions include an off-market purchase of Dundrum View, a residential complex in Dundrum, Co Dublin, for €28m and two acquisitions totalling €3.1m.
Kevin Nowlan, chief executive of Hibernia, said: “Hibernia’s strategy and skill set – allowing us to access off-market deals, loan portfolio opportunities and to take on major development and refurbishment projects – is clearly delivering.
“The Dublin property market is well supported by the economic growth Ireland is enjoying and with new, flexible funding in place, allowing us to act quickly as opportunities arise, we are optimistic for the future.”
The new revolving credit facility is provided by Bank of Ireland, which contributed €190m; Barclays, which contributed €140m; and Ulster Bank, which put in €70m.
Bank of Ireland also acted as agent; Barclays and Ulster Bank acted as joint bookrunners and arrangers.
