Hibernia REIT’s EPRA NAV per share rose by 16% over the past year and now stands at €1.12, (£0.80) according to the company’s preliminary results for the year ending 31 March 2015.
The company invested or committed €448m in Dublin property over the period.
Since floating at the end of 2013, Hibernia has invested and committed €571m. Some 88% of acquisitions were completed off-market and 39% were loan-related purchases.
At 31 March the company had €139m of cash left of the net €286m raised in November 2014. It also had a €100m revolving credit facility, which is undrawn.
Hibernia’s portfolio now comprises 75% CBD offices, 13% CBD office development sites, 10% residential and 2% logistics.
Average rents on CBD offices are €34.5 per sq ft, below current prime rents of €47.5 per sq ft.
The company also announced that Kevin Nowlan and Tom Edwards-Moss are to join the board as executive directors.
Kevin Nowlan, chief executive officer of WK Nowlan REIT Management, said: “The company is well funded to deliver its development pipeline and act opportunistically as further acquisition opportunities arise.
“With a positive economic backdrop and favourable dynamics in the Dublin property market, we look forward to the coming year.”
