FINANCE: Hibernia REIT is aiming to raise around €300m (£235.4m) via a share placing to fund further acquisitions of Dublin property.
The company will sell 285.3m shares priced at €1.05 each.
The REIT raised a total of €372m in its initial public offering in December 2013, of which it has invested €398m and committed a further €78m with a focus on offices in the central business district of Dublin.
Hibernia has completed 13 transactions, of which 87% have been off-market, and 44% have been accessed via loan sales.
It will aim to invest proceeds raised from the share placing in the next 18-24 months with a target shareholder return of 10% to 15%.
Kevin Nowlan, chief executive officer of WK Nowlan REIT Management Limited, Hibernia’s investment manager, said: “There continue to be significant levels of attractive acquisition opportunities in our core Dublin markets, particularly in the off-market and loan spaces, and we anticipate this remaining the case for the foreseeable future.
“Furthermore, the portfolio we have assembled to date offers a number of development, redevelopment and refurbishment opportunities. We will use some of the funds we are seeking to raise to take advantage of these opportunities.”
