Bank of Ireland Property Finance Group is delighted to have provided finance to Hibernia REIT Plc in its refinancing of its €400m senior secured facility with a new €320m senior unsecured facility and €75m of senior unsecured notes raised via a US private placement. Bank of Ireland also acted as joint arranger, joint co-ordinator and facility agent on the new €320m senior unsecured facility, supporting Hibernia’s move to an unsecured debt structure.
Hibernia is a Dublin-focused REIT, listed on Euronext Dublin and the London Stock Exchange, which owns and develops Irish property. Its €1.3bn+ portfolio is located in Dublin and focused on prime city centre offices. Through active ownership of its properties, whether through repositioning buildings or asset management, Hibernia targets above average long-term returns to its investors while at the same time providing high quality office space with communal areas and shared facilities for its tenants, enhancing the experience for their employees.
Tom Edwards-Moss, CFO of Hibernia said “We are delighted to have completed this refinancing which significantly extends the maturity of our debt and locks in longer term, low cost funding. In addition, our move to an unsecured debt structure, the first Irish REIT to do so, ensures we have access to the widest possible range of funding options in future. Bank of Ireland has supported Hibernia throughout its existence and we are very pleased to continue working together.”
Commenting on the transaction, Paul McDonnell, Head of Property Finance Group in Bank of Ireland Corporate Banking said “We are delighted to continue our strong relationship with Hibernia as it continues to deliver high quality properties to the Dublin market. We are committed to supporting our customers in all sectors of the property market as we look to meet our ambitious growth targets.”