PRODUCT PROFILE

Latest Dublin Prices

NAME
LATEST
CHANGE
Aer Lingus 1.56 0.01 more
BoI 0.28 0.00 more
CRH 20.89 -0.09 more
Glanbia 10.55 -0.16 more
Greencore 0.64 -0.02 more
Ind. News 0.12 0.01 more
Ryanair 7.41 0.13 more

 

Hibernia REIT raises E365m in IPO

Friday, December 06 12:15:06

Hibernia REIT, a newly-incorporated Irish property investment company, today said it successfully placed 361 million shares in its market debut, raising slightly under E365m.

The Issue is expected to raise total gross proceeds of E364,960,000, including E3,560,000 invested by the Board and Founder Group.

On admission to the Irish Stock Exchange, the market capitalisation of the Company will be E365,000,000.

Under subscription agreements entered into with the Company, certain cornerstone investors have agreed to subscribe for an aggregate of 124,532,100 Shares representing 34.12pc of the issued share capital of the Company at Admission.

Conditional dealings began on the Irish Stock Exchange and the London Stock Exchange at 8:00 am today and Credit Suisse and Goodbody Stockbrokers have been appointed as Joint Bookrunners to the Issue.

Commenting on today's announcement, Daniel Kitchen, chairman of Hibernia REIT, said: "We are very pleased with the high level of support from investors, with the offer being significantly oversubscribed. We are also delighted with the quality and breadth of our new institutional shareholder base."

Kevin Nowlan, chief executive officer of Nowlan Property REIT Management Limited, investment manager to Hibernia REIT, added: "The level of funds we have raised will allow Hibernia to create a property portfolio of scale and quality. We see unique opportunities to invest and look forward to creating a portfolio of assets capable of delivering attractive, sustainable earnings for our new investors."