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Hibernia Reit seeks €300m to fund further commercial property deals

Irish property investment company, Hibernia Reit has said yesterday it intends to raise €300 million in a placing and open offer of shares to fund further commercial property deals. The company plans to fund further property investments comprising both new acquisitions and capital expenditure on its existing portfolio from the funds raised.

Hibernia said it will issue 285,317,459 new ordinary shares at a price of €1.05. The issue price represents a discount of 8.5c (7.5%) on yesterday’s closing price of €113.5 per existing ordinary share on the Irish Stock Exchange.