Hibernia REIT has a war chest of more than €690m (£520m) to spend on acquisitions in the next 12 to 18 months.
In its latest statement to the stock exchange this morning, Hibernia showed it had cash of €233.5m and an undrawn €100m revolving credit facility. In total, analysts at Davy Research estimate Hibernia has remaining potential firepower of around €690m, assuming a maximum loan-to-value of 40%.
Kevin Nowlan, chief executive officer, of investment manager WK Nowlan REIT Management, said: “The fourth quarter of 2014 saw a high level of transaction activity in the market ahead of the ending of the capital gains tax relief for property on 31 December. Much of this was at the sub-institutional scale or otherwise not of interest to us. 2015 has started positively, with a number of opportunities, which we are actively assessing with our usual discipline.
“With the proceeds of our capital raise and significant debt capacity, we are well positioned to take advantage of the acquisition opportunities we expect in the next 12 to 18 months.”