Irish property firms could tap Brexit fallout as value of sterling falls again

Sterling yesterday surrendered most of the ground it had gained after Theresa May outlined her hard Brexit vision for Britain on Tuesday, as investors looked to Irish property stocks as potential winners from the UK’s rupture with Brussels.

Darren McKinley, senior analyst at Merrion Capital, predicted that property stocks such as Green REIT and Hibernia REIT — whose shares in the past year have failed to spark — could benefit from the Brexit fallout if UK firms were to relocate their bases here.

“With Dublin office rents currently much lower than that of London, we would expect demand from London to continue to push up rents in the short-medium term,” he said.