Hibernia Reit, one of the three property investment companies who have floated on the Irish stock market over the past two years, has announced pre-tax profits of €74m for the six months to the end of September.

This is more than double the profit recorded during the same period last year.

The company, which now owns 21 commercial properties in the Dublin region, is obviously confident that the market will remain buoyant as it has put in place a new €400m bank debt facility to pursue new opportunities.

Chief executive, Kevin Nowlan commented on the results:

"We are pleased with the performance for the first half of the year: we have made significant progress on our development portfolio and signed two major pre-lets. Hibernia’s strategy and skill set - allowing us to access off-market deals, loan portfolio opportunities and to take on major development and refurbishment projects - is clearly delivering."

“The Dublin property market is well supported by the economic growth Ireland is enjoying and with new, flexible funding in place allowing us to act quickly as opportunities arise we are optimistic for the future,” he continued.