Hibernia REIT said its portfolio value had increased by 2.5% to stand at €1.411 billion by the end of last year on the back of gains following the letting of its 1SJRQ block to Hubspot.

In a trading update covering the period from last October to today, the company said its net asset value per share - a key measure of performance - stood at 170.1 cent, up 2.3% from 166.3 cent at the end of September.

In November, Hibernia bought 92.5 acres of land at Newlands Cross in Dublin 24 from the Irish Rugby Football Union for initial consideration of €27m.

The deal took Hibernia's interest in the area to 143.7 acres. 

The company made no disposals in the period under review.

Hibernia also received planning permission for a 315,000 square foot scheme at Harcourt Square, an increase from the previous planning approval for a 277,000 square foot scheme.

In December, planning permission was also granted for the refurbishment and extension of Marine House, which would take the building to 49,000 square feet from 41,000 square feet in its current form. 

"Demand for office space in Dublin remains high and with our significant pipeline of development opportunities, strong balance sheet with long-term funding and experienced management team, Hibernia continues to be well positioned," commented the company's chief executive Kevin Nowlan.

"In the near term, we are focused on letting the space coming available in the portfolio and completing the outstanding rent reviews," he added. 

Hibernia REIT also said today that its chief investment office Richard Ball is to step down at the end of March to pursue another opportunity. 

Edwina Governey, who is currently senior investment manager, will be appointed as interim chief investment officer, subject to approval by the Central Bank.  

Kevin Nowlan said that Mr Ball had made a significant contribution since joining Hibernia at the time of its IPO in December 2013.