Property investment company Hibernia REIT has reported profits of €3.9m for the year to the end of March after what it called a highly active but disciplined period of investment.

The company has reported a loss of €0.8m in the previous year. 

The group said it has invested €445m, with a further €43m committed, in the Dublin property during the 12 month period, in 14 transactions.
Since 31 March 2015, it has invested a further €3m in two transactions

The property investment company is proposing a total dividend of 0.8 cent per share.

"With Dublin at the centre of a broad-based recovery in the Irish economy and property markets, and an exciting portfolio of properties in place, the board is confident that the company will deliver excellent results," commented the company's chairman Danny Kitchen.

Mr Kitchen said the board of the company believes the portfolio that has been assembled will, with active management, deliver long term sustainable value for shareholders.

Hibernia said its development programme is progressing well. Its investment in Block 3 at Wyckham Point in Dublin is ahead of schedule and on budget.

The company is also targeting dates by the end of 2017 and the middle of 2018 for the completion of its Windmill Lane and Sir John Rogersons' Quay developments respectively.

Deals for Cumberland House and Harcourt Square were also added to the company's pipeline in the second half of its financial year.