Hibernia Reit says rent collection on track despite Covid-19 restrictions

Irish property group Hibernia Reit said it had collected or agreed on plans for 98 per cent of rent due from its commercial properties, a similar proportion from previous quarters.

In an update on Thursday, the group also said it had received 95 per cent of residential rent due from this month, with more than 99 per cent of December and January rent paid.

Hibernia’s current occupancy rate is 93 per cent, in line with December and January rates.

The update, which covers October 1st to date, provided some reassurance to industry analysts amid the ongoing coronavirus pandemic.

Manhattan landlords offer concessions to lure tenants

---

Two new hotels for Dublin as council approves north inner city plans

---

Housing schemes in Goatstown and Swords approved despite objections

---

Boutique Baggot Street hotel and investment seeks €5m

---

Hibernia’s development projects at Cumberland Place and City Quay, which have been shut since early January due to Covid-19 restrictions, are a few weeks from completion once the Government gives the go-ahead for building work to resume.

The vacancy rate for Hibernia’s in-place office portfolio is currently 7 per cent, outperforming the wider market trends. That will increase with the completion of its developments, rising to 10 per cent.

The company said asset management activity has added €900,000 of contracted annual rent at its commercial properties. It has agreed new leases or extensions on contracts that added a net €300,000 per annum, while rent reviews generated an additional €600,000 in contracted rent.