6th Jul 2016 07:28
LONDON (Alliance News) - Hibernia REIT PLC on Wednesday said it has set up an internal building management department to take control of the management of its multi-let commercial properties.
The Irish property investor said it currently has more than 500,000 square feet of multi-let commercial space, all of which is expected to be transferred from third-party management to direct management by mid-2017, and the size of its multi-let portfolio is expected to grow "substantially" as committed development schemes are completed.
As such, Hibernia said it has set up an internal business management department to deal with the larger portfolio, headed up by Dan Boyd who has joined the company from asset manager Burlington Real Estate Ltd. Hibernia said it intends to hire three further employees to the department, which is expected to be cost neutral for Hibernia.
"This decision will ensure a closer relationship with our tenants and is aimed at delivering an excellent quality of service and simpler administration. In-house property management is best practice internationally and is common amongst the major UK and European REITs. We will be looking to innovate and provide a best in class property management service, ensuring that Hibernia buildings are synonymous with excellence and that tenants' needs are catered for responsively," said Chief Operations Office Frank O'Neill.
Shares in Hibernia were untraded on Wednesday, having last traded at EUR1.30.
By Hannah Boland; [email protected]; @Hannaheboland
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
HBRN.L