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Hibernia REIT admitted to ISE

Wednesday, December 11 09:56:53

Hibernia REIT, a newly-incorporated Irish property investment company, today announces the admission of its Shares to the Official List of the Irish Stock Exchange.

It also gained admission to the premium segment of the Official List of the UK Listing Authority and to trading on the regulated market for listed securities of the Irish Stock Exchange under ticker HBRN.I and on the main market for listed securities of the London Stock Exchange under ticker HBRN.L.

Hibernia REIT is following Green REIT on to the Dublin market. Green REIT was the first trust to float since last year's Finance Act paved the way for the establishment of the tax-efficient publicly quoted property investment funds.

REITs are quoted companies that own or operate commercial property. They are not taxed on the rental income as long as they pay 85pc of it to their shareholders as a dividend.

Hibernia said it aims to assemble a portfolio of attractively located, institutional quality, primarily income-producing properties, mainly in the greater Dublin area.

The company's portfolio will be managed by Kevin Nowlan, a former portfolio manager with NAMA.