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Hibernia REIT updates on Irish property market

Hibernia REIT updates on Irish property market – Dublin-focused Hibernia REIT (HBRN) has released a trading update covering the period from 1 April 2019; main takeaways include office vacancies at the end of June 2019 coming in at 5.9% for Grade A space in central Dublin and 6.4% for Dublin overall.  Prime Grade A headline rents in the city centre are stable at in excess of €60 per square foot (source: Knight Frank).

Dublin real estate retains verve

Kevin Nowlan, CEO of HBRN, said: “Tenant take-up in Dublin offices in the first half of 2019 exceeded 1.7m square feet, a modest increase on the first half of 2018, and active demand continues to be strong with a number of letting transactions expected to close soon. Investment demand also remains high and volumes in the first half totalled €1.8bn. 

As noted in our preliminary results in May, two of our key near term priorities are reducing the vacancy rate in our office portfolio and concluding the active rent reviews.  With the majority of our vacant space now under offer and eight of the nine rent reviews outstanding at 31 March 2019 now agreed, we are making good progress on both fronts.

We have continued recycling our capital into new opportunities, agreeing several acquisitions for total consideration of €15.3m since 31 March 2019, all of which enhance our existing interests or have potential for significant future investment.”

HBRN: Hibernia REIT updates on Irish property market

 

 

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