Property investment company Hibernia REIT has been admitted to both the Irish and London Stock Exchanges.

The company last week placed 361 million shares with institutional investors and others, giving the firm an initial market capitalisation of €365 million.

Hibernia REIT is following Green REIT, the first trust to float since the passage of last year’s Finance Act paved the way for the establishment of these property investment vehicles here.

REITs are quoted companies that own or operate commercial property. They are not taxed on the rental income as long as they pay 85 per cent of it to their shareholders as a dividend.

Hibernia REIT’s objective is to assemble a portfolio of income-producing properties mainly in the commercial space and in the greater Dublin area, the company said last month.

The company's portfolio will be managed by Kevin Nowlan, a former portfolio manager with Nama.