04 February 2015
Hibernia REIT Interim Management Statement - February 2015
4 February 2015
Hibernia REIT plc ("Hibernia” or the “Company") today issues an interim management statement relating to the period from 1 October 2014 to date.
Corporate activity
Hibernia successfully completed its second equity offering on 4 November 2014, raising net proceeds of c. €286m via a firm placing and placing and open offer. In the same month the Company completed the acquisition of The Forum building in Dublin’s IFSC for a total consideration of €37.8m. This acquisition was announced in August 2014.
Secured loan assets
During the period Block 3, Wyckham Point was conveyed into direct ownership (having been acquired as part of the Dorville secured loan portfolio in March 2014). The transfers into direct ownership of the Chancery Building and Chancery Apartments, South Dock House and Cannon Place are expected to complete shortly.
The sales of the Dorville non-core assets are progressing well: to date sales have been agreed, contracted or completed for approximately one third of the assets by value. The aggregate proceeds of €10.3m (net of selling costs) are more than 10% above the allocated value at the time of acquisition. To facilitate the ongoing sales process, the remaining non-core assets are being transferred into direct ownership.