Hibernia REIT, a newly incorporated Irish property investment firm, has announced the placement of 361 million shares with institutional investors which will allow it to raise gross proceeds of €365 mln.
Hibernia REIT, a newly incorporated Irish property investment firm, has announced the placement of 361 million shares with institutional investors which will allow it to raise gross proceeds of €365 mln.
Daniel Kitchen, chairman of Hibernia REIT said he was 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,' he added.
The company will become an Irish REIT on admission of its shares to the Irish stock exchange.
Credit Suisse and Goodbody Stockbrokers have been appointed as joint bookrunners to the Issue.
'The level of funds we have raised will allow Hibernia to create a property portfolio of scale and quality,' commented Kevin Nowlan, chief executive officer of Nowlan Property REIT Management, investment manager to Hibernia REIT.
