Hibernia REIT said it is heading into a “busy period of rent reviews” which will enable it “to start capturing the reversionary potential within its office portfolio” in a trading update issued today.
The Ireland-focused vehicle said one rent review was agreed “ahead of estimated rental value” during the period from 1 April to date, leading to a €0.4m increase in annual rent.
It has nine office rent reviews now active representing passing rent of €2.5m pa, with ERV of €4.3m pa.
It added that the Dublin office market maintained strong letting momentum in Q2 and its three committed developments – 1 Sir John Rogerson’s Quay, 2 Windmill Lane and Cumberland Place Phase II- “are well-timed to capitalise on the high levels of active demand in the market and to drive increases in its rental income.
