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Hibernia secure E100m revolving credit

Tuesday, August 12 10:06:29

Dublin-listed property investor, Hibernia REIT, today said it has entered into a E100 million three year revolving credit facility with Bank of Ireland Corporate Banking.

The funding was secured against a corporate level debenture, it said.

Hibernia now has debt facilities totalling E134 million related to its portfolio and cash and un-drawn committed facilities of more than E140 million.

Tom Edwards-Moss, Chief Financial Officer of WK Nowlan REIT Management Limited, the Investment Manager, said the firm maintained a cautious approach to credit.

"We are very pleased to have entered our first corporate debt facility, which provides us with flexible funding at attractive rates with which to invest in and grow our portfolio. We remain committed to a conservative debt strategy, with our loan to value not exceeding 40pc at incurrence, well within the limits of the Irish REIT Regime," he said.

Paul McDonnell, Head of Property Finance at Bank of Ireland Corporate Banking, added: "We are delighted to provide Hibernia REIT with their first corporate debt facility. As Ireland's number one Corporate Bank, Bank of Ireland is committed to supporting the Irish Property Market in this period of growth and to playing an important part in the full recovery of the sector. We look forward to developing our relationship and growing our partnership with Hibernia in the years to come."

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