Property values and commercial rent have yet to feel the full impact of the Covid-19 crisis, according to Hibernia Real Estate Investment Trust (Reit).
Hibernia said on Wednesday that the value of its properties rose 2 per cent in the 12 months to March 31st, the company’s financial year, to €1.465 billion. Profit after profit fell 50 per cent to €61.5 million from €123.5 million.
Kevin Nowlan, Hibernia chief executive, said the full impact of Covid-19 on market rents and property values had yet to be felt. The company develops offices in mainly in central Dublin which it lets to Irish and multinational businesses.
“The impact on our rent collection levels to date has been modest and we are working collaboratively with any tenants who are having difficulties,” Mr Nowlan said.
He added that Hibernia remained confident about the long-term prospects of the central Dublin office and housing markets.
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