KPMG selects Hibernia Reit to develop new Dublin headquarters ‘Big Four’ firm enters into exclusive talks with developer on move to Harcourt Square scheme
about 3 hours ago
KPMG has selected Hibernia Reit as the preferred bidder for the delivery of its new Dublin headquarters.
Following the receipt of proposals from six of the country’s leading developers, the Big Four accounting and advisory firm had refined its deliberations in recent weeks to consider two other schemes being delivered by Shane Whelan’s Westridge Real Estate and the Kenny family’s Clancourt Group respectively.
The Irish Times understands that KPMG’s partners voted to select Hibernia Reit’s scheme as their preferred option on Thursday night. The parties will now enter into a period of negotiations with a view to finalising the deal.
Hibernia Reit says building materials squeeze could last nine months Portfolio revaluation leads to €67m markdown, dragging company to €25.2m net loss
Wed, May 26, 2021, 09:50
A squeeze on building materials that is driving up construction costs could last up to nine months, Hibernia Real Estate Investment Trust (Reit) chief executive Kevin Nowlan predicts.
A €67 million fall in the value of its properties on the back of the Covid-19 crisis left office developer Hibernia Reit with a €25.2 million loss for the 12 months ended March 31st, its last financial year.
The company earned a €61 million profit in the financial year ended March 31st, 2020. Rental income from the offices it leases to tenants and movements in those properties’ values determine Hibernia’s profits and losses.
The commercial and industrial property firm discussed proposed new developments in its preliminary financial results despite fears over the future of office working