Hibernia REIT sees demand increase in central Dublin

Publicly quoted property investment fund Hibernia REIT has said a number of companies have shown interest in the majority of vacant space remaining in its commercial property portfolio in central Dublin.

In a trading update published to coincide with its AGM yesterday, the company said the second quarter of the year saw “exceptionally high” office-leasing activity in Dublin, reducing office-vacancy rates to 6.5% overall and to 2% for grade A space.

“We are seeing good levels of tenant interest for the available space within our portfolio,” said Hibernia REIT chief executive Kevin Nowlan.

“With an exciting pipeline of developments, a well-capitalised balance sheet, and a talented team, we remain optimistic for the future.”

Hibernia closed the second quarter of the year with net debt of €167m and undrawn facilities of €277m. The company has €140m in undrawn facilities, or money to spend, after committed development spend, repayment of loans relating to its One Windmill Lane site, and dividend payments are excluded.

The vacancy rate in Hibernia’s completed office portfolio is currently below 3% and the company is in discussions with various parties regarding the vacant space.

Mr Nowlan said the One Windmill Lane site — 29% of which was pre-let to cloud computing firm Informatica earlier this year — is set for practical completion next month, with talks ongoing with a number of potential additional tenants.

Work on Hibernia’s other developments also remains on track, the company said in its update.

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