Formation of building management department

Formation of building management department

Hibernia REIT plc ("Hibernia") announces the establishment of an internal building management department to take control of the management of its multi-let commercial properties. Hibernia currently has over 500,000 sq. ft. of multi-let commercial space, all of which is expected to be transferred from third party management to direct management by mid-2017. The size of Hibernia's multi-let portfolio is expected to grow substantially as committed development schemes, including Cumberland House and 1 Windmill Lane, are completed.

Dan Boyd has been appointed to head the new department: he joins from Burlington Real Estate and is a chartered surveyor with over 20 years' experience in property management, including running major projects such as St. Stephen's Green Shopping Centre and Spencer Dock. Hibernia intends to hire three further employees to the department. The new department will be run to maximise quality of service and is expected to be cost neutral for Hibernia.

Frank O'Neill, Chief Operations Officer of Hibernia, said:

"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."

ENDS

Contacts:

Hibernia REIT plc +353 1 536 9100

Frank O'Neill, Chief Operations Officer

Tom Edwards-Moss, Chief Financial Officer

Murray Consultants Doug Keatinge: +353 86 037 4163, [email protected]

Jill Farrelly: +353 87 738 6608, [email protected]

About Hibernia REIT plc

Hibernia REIT plc is an Irish Real Estate Investment Trust ("REIT") and is listed on the Irish and London Stock Exchanges. The principal activity of the Company is to acquire and hold investments in Irish property (primarily commercial property) with a view to maximising shareholder returns.