Hibernia ‘optimistic’ on Dublin market following Brexit vote

Property firm Hibernia REIT has said it is too early to predict the impact Britain’s departure from the European Union will have on Dublin’s real estate market.

This morning Hibernia announced it had leased the remaining 30,000 sq ft of One Dockland Central to Comreg at an average rent of €50 per sq ft.
However, chief executive Kevin Nowlan is wary on predicting potential change in the market from Brexit.

“It is too early to see any discernible impact, positive or negative, on the occupational and investment markets in Dublin following the EU referendum result in the UK,” he said.
The property boss said the company’s low gearing and talented workforce should leave it in a position to capitalise on upcoming opportunities.

Hibernia recently acquired blocks one, two and five of Clanwilliam Court adding to its longer-term development pipeline. Over the last quarter the company also increased its contracted rent roll.
The real estate firm has acquired full planning for the second phase of its redevelopment of Harcourt Square, which totals 142,500 sq ft.

Over the last quarter Hibernia disposed of eight units from the Dorville non-core portfolio – to be sold for a total of €2.1m.
Mr Nowlan said he’s pleased by the company’s performance in the last three months.

“We are pleased with our progress in the quarter – our committed development schemes remain on schedule and the purchase of blocks one, two and five Clanwilliam Court is an exciting addition to our longer term development pipeline and, together with the letting to ComReg announced today, increases our contracted rent roll to over €43m.”

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