Hibernia Contract for Completion of 213 Apartments

Hibernia Signs Contract for Completion of 213 Apartments in Dundrum

Hibernia REIT plc (Hibernia) announces that it has entered a contract with JJ Rhatigan & Company (JJR) for the fit-out and completion of Hibernia's 213 partially-completed apartments in Block 3, Wyckham Point, Dundrum, Dublin 16. JJR is one of the leading building contractors in Ireland, with a specialism in the completion of new and part-built residential multi-unit developments.

JJR will commence on site immediately with a construction team growing to approximately 160 people working on the project. It is expected that the first apartments will be available to let by mid-2015 and that the project will be fully completed by the end of 2015. The total cost to complete the apartments is expected to be less than €25m.

Kevin Nowlan, Chief Executive Officer of WK Nowlan REIT Management Limited, the Investment Manager, said: "We are delighted to have signed contracts with a contractor of the calibre of JJ Rhatigan & Company for the completion of Block 3, Wyckham Point. When finished, these apartments will offer some of the best multi-family accommodation in Ireland and we will be bringing these units to the market at a time when residential accommodation in Dublin is in short supply." Padraic Rhatigan, Managing Director of JJ Rhatigan & Company, commented:

"We are delighted to have been awarded this prestigious contract. We look forward to working with Hibernia to complete Block 3 in keeping with the high standards already set in the first phase of Wyckham Point. We are also pleased to be starting a project that will involve a team of 160 skilled construction workers, a clear sign that the sector is recovering.

"We support the initiative taken by Hibernia and others in providing much needed funding, which we believe will underpin high quality residential developments such as Wyckham Point. We believe there is substantial demand for high quality units and that this particular section of the market is currently significantly undersupplied."

ENDS

Contacts:

WK Nowlan REIT Management Limited + 353 1 9058350

Kevin Nowlan Frank O'Neill

Murray Consultants

Doug Keatinge; +353 1 4980379 / +353 86 0374163; [email protected]

JJ Rhatigan & CompanyLinda Earlie; +353 9 1580800; www.jjrhatigan.com

Note to editors

Hibernia acquired the Wyckham Point apartments through the acquisition of the Dorville loan portfolio from Ulster Bank for €67m, announced in February 2014. The 213 apartments comprising Block 3 were one of 17 assets within the portfolio.

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.