Hibernia developments progress as investors gather for AGM

Real estate investment trust Hibernia issued a trading update on Tuesday, relating to the period from 1 April to date, as investors gathered during the morning for the company’s annual general meeting..

The London-listed firm said its committed development schemes remain on track for scheduled completion dates

Its board said blocks one, two and five at Clanwilliam Court have been acquired, adding to longer term development pipeline as well as increasing contracted rent roll

It also confirmed it has let remaining 30,200 square feet in One Dockland Central in Dublin’s North Docks to the Commission for Communications Regulation at average rent of €50 per square foot.

Hibernia also confirmed the formation of a building management department during the period.

At 30 June, accounting for the purchase of the blocks at Clanwilliam Court, Hibernia had net debt of €115m and cash and undrawn facilities of €307m, it reported.

“We are pleased with our progress in the quarter - our committed development schemes remain on schedule and the purchase of Blocks 1, 2 & 5 Clanwilliam Court is an exciting addition to our longer term development pipeline and, together with the letting to ComReg announced today, increases our contracted rent roll to over €43m,” said Hibernia chief executive Kevin Nowlan.

“The decision to bring building management in-house will enable us to maximise the quality of service for our occupiers.”

Nowlan said it remained too early to see any discernible impact, positive or negative, on the occupational and investment markets in Dublin following the EU referendum result in the UK.

“We have a talented team, low gearing and an exciting development pipeline - we are confident that we will be able to capitalise on opportunities as they arise and we remain optimistic for the future,” he said.