HBRN.L Share News (HBRN)

LONDON (Alliance News) - Hibernia REIT PLC on Tuesday said its committed development schemes remain on schedule, as it increased both its development pipeline and contracted rent roll in June.

The Irish property investor said it is making good progress at all its committed development schemes, noting that at Harcourt Square, part of its longer time pipeline of potential developments, full planning for Phase 2 of the redevelopment was received in June. Meanwhile, Hibernia said it now has full planning permission for up to 275,500 square feet net internal area of new offices and ancillary accommodation in Dublin's city centre.

Hibernia said it had purchased three blocks at Clanwilliam Court in Dublin for EUR51.0 million in June, and said it now owns four blocks of office accommodation in prime city centre locations with potential for future refurbishment, extension or redevelopment.

Since March 31, Hibernia said eight units from the Dorville non-core portfolio have been sold or contracted to be sold for a total of EUR2.1 million. Terms have been agreed for the sales of a further three units for a total of EUR1.4 million, the company added, and five units with a carrying value of EUR1.3 million remain and are expected to be sold shortly.

In a separate statement, Hibernia said it has let the remaining 30,200 square feet of available space in its business centre One Dockland Central in Dublin to the Commission for Communications Regulation. The Commission for Communications Regulation is the Irish regulator to the electronic communications and postal sectors.

Hibernia said the regulator will occupy the ground and second floors on a 20-year lease, with a tenant-only break option after 11 years and will pay an initial rent of EUR1.6 million per year.

Refurbishment works at One Dockland Central completed in May, Hibernia said, noting that similar refurbishment works are being undertaken at the adjoining building to One Dockland Central, Two Dockland Central. These works are expected to complete in the third quarter of 2017, Hibernia added.

Shares in Hibernia were up 3.5% at EUR1.39 on Tuesday morning.

By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland

Copyright 2016 Alliance News Limited. All Rights Reserved.