Property fund Hibernia REIT raises €365m

The newly-launched Hibernia real estate investment trust raised €365m in an initial public offering to become the second REIT to launch in Ireland this year as the property market stabilises.

Following Green REIT onto the market, Hibernia raised slightly more than its targeted €350m, planning to build a portfolio of mainly commercial property — principally Dublin office space.

CEO Kevin Nowlan said: “We believe a unique opportunity exists in Ireland to build an attractive property investment portfolio in light of current property values, the supply of assets on the market and the outlook for rents.”