Irish property company Hibernia REIT has agreed a €100 mln, three-year revolving credit facility with the Bank of Ireland, secured against a corporate level debenture.

Irish property company Hibernia REIT has agreed a €100 mln, three-year revolving credit facility with the Bank of Ireland, secured against a corporate level debenture.

The loan brings Hibernia’s total debt facilities relating to its portfolio to €134 mln and its cash and undrawn committed facilities to more than €140 mln.

Tom Edwards-Moss, CFO of Hibernia’s investment management arm WK Nowlan REIT Management, commented: ‘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 40% at incurrence, well within the limits of the Irish REIT regime.’

Hibernia REIT listed on the Irish and London Stock Exchanges late last year. Since going public, the company has concluded nine Irish property acquisitions, deploying €337 mln or 91% of the net proceeds raised in December 2013.