Hibernia REIT launches €25m share buyback programme

Hibernia REIT has launched a €25m (£22.5m) share buyback programme to reduce its share capital. It plans to repurchase a maximum of 68,478,208 shares between now and February next year, which will then be cancelled. Goodbody Stockbrokers has been appointed to carry out the buyback programme from the Euronext Dublin and the London Stock Exchange. Hibernia REIT chief executive Kevin Nowlan said: “Despite the uncertain economic outlook, our business is in a strong position: our rent collection statistics are good and our balance sheet is extremely robust, with a last reported loan-to-value ratio of 16.5%. “This €25m share buyback is expected to be accretive to net asset value per share and earnings per share and will also complete the return to shareholders of the proceeds from the sale of 77 Sir John Rogerson’s Quay started with the €25m share buyback undertaken last year.” To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette