Investment fund Hibernia REIT upbeat as portfolio value tops €1bn

Publicly-quoted investment fund Hibernia REIT said it is well-positioned to benefit from any Brexit upside — in the form of UK-based companies looking to relocate to Dublin — and is adequately funded to take advantage of property acquisition opportunities.

The company — which mainly focuses on Dublin-based commercial property — said it is in “active discussions” with a number of parties looking for new and/or additional office space in the capital and is well-capitalised, with around €234m to spend on acquiring new property Hibernia expects property assets to come to market as private equity houses sell Irish interests in the wake of the Government closing loopholes which previously allowed so-called ‘vulture funds’ and other investors to avoid paying taxes on profits made from property deals here.

Hibernia — whose tenants include Twitter and ComReg — yesterday reported pre-tax profits of €32.4m for the six months to the end of September.