4th Feb 2015 08:44
LONDON (Alliance News) - Hibernia REIT PLC is well positioned to make acquisitions it expects to become available over the next 12 to 18 months, according to its investment manager on Wednesday.
In a statement, the real estate investment trust's investment manager said the proceeds of its second equity offering last November, which raised about EUR286 million after expenses, as well as its debt capacity, mean its position is healthy as it eyes acquisition opportunities in the coming months.
At the end of 2014 Hibernia had cash of EUR233.5 million and its EUR100 million revolving credit facility was undrawn.
"The fourth quarter of 2014 saw a high level of transaction activity in the market ahead of the ending of the capital gains tax relief for property on December 31: much of this was at the sub-institutional scale or otherwise not of interest to us. 2015 has started positively, with a number of opportunities which we are actively assessing with our usual discipline," said Kevin Nowlan, the Chief Executive of K Nowlan REIT Management Ltd, the investment manager on the trust.
Hibernia REIT shares were down 1.8% at 1.12 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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