Irish REIT Hibernia has said that it expects a boost to its portfolio due to upcoming rent reviews.
The company received a €0.4m (£356,800) annual boon through a 135% increase in rent on one of its properties in the second quarter. A further nine rent reviews are due on 86,000 sq ft of office space, which currently generates €2.5m of income but has the potential to bring in €4.3m.
At 30 June Hibernia had net debt of €205m and cash and undrawn facilities of €195m.
Kevin Nowlan, chief executive, said: “Our three committed developments are progressing towards completion and are well-timed to capitalise on the high levels of active demand in the market and to drive increases in our rental income… Hibernia is well positioned with an extensive longer-term development pipeline, a robust balance sheet and an experienced management team.”
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