Hibernia REIT is preparing to float on the London and Irish stock exchanges, making it the country’s second REIT.

The company is aiming to raise €350m from an initial placing of shares and plans to build a commercial property portfolio principally in the greater Dublin area.

Establishment of the REIT comes as the Irish property market enters into further recovery.

Nowlan Property REIT Management has been appointed as the sole investment manager of Hibernia, led by Kevin Nowlan, Bill Nowlan and Frank Kenny.

Daniel Kitchen, currently chairman of Workspace Group and non-executive director of LXB Retail Properties, will chair Hibernia’s board.

Other board members include Colm Barrington, non-executive director of Aer Lingus Group, Terence O’Rourke, former managing partner of KPMG Ireland, and Stewart Harrington, formerly partner at Jones Lang Wootten.

Kitchen said: “The establishment of Hibernia REIT is a significant landmark for the Irish property sector. We are fortunate to have in place an experienced investment management team with a track record of value creation at a time when there is an abundance of opportunities.”

Kevin Nowlan commented: “Dublin is a highly attractive place to do business and with the Irish economy improving, demand for commercial space is set to rise. We commend the Irish government for moving to introduce REIT structures and look forward to acquiring and actively managing a high quality portfolio of properties.”

Green REIT became Ireland’s first REIT in June 2013, following the introduction of REIT legislation by the country’s government.