Hibernia REIT has reported a pre-tax profit of €32.4m for the six months to the end of September, down from the €73.7m reported the same time last year.

The property investment company said it had a contracted rent roll of €46.2m since the end of March, an increase of 18%.

It also said the value of its portfolio rose by 11% to top €1 billion for the first time.

Hibernia owns and manages a number of commercial properties - largely in Dublin city centre - and its tenants include Twitter, ComReg and HubSpot. 

The company said it also has €234m available through it in cash and undrawn debt facilities, which could be used to make further acquisitions in the future.

Hibernia's chief executive Kevin Nowlan said that while it is still early days, the company is optimistic for the Dublin office market's prospects to benefit from the UK's decision to leave the EU.

However, he said the company recognises that the timing and terms of Brexit remain unclear and there are risks to the wider Irish economy.  

"We are also monitoring closely the impact of the recent property tax changes proposed in the Finance Bill, while these do not affect REITs directly, they may create uncertainty in the investment market in the near term as well as possible opportunities if some parties choose to exit the market," he added.