The real estate investment trust, Hibernia, has reported good progress in reducing its vacant office space.

In a statement ahead of its annual general meeting today, the REIT said the majority of its vacant space - amounting to about 15% of total - is now under offer to occupiers.

If all the transactions complete, the vacancy rate will fall to 5%.

The statement - which covers the period from April 1st to date - says Hibernia completed a rent review on six office lettings 'at or above estimated rental value.'

This, it said, generated an increase in contracted rent of €1.2 million per annum.

The terms on two reviews have been agreed, with an expected additional €500,000 in rent. Two further reviews outstanding.

The REIT completed an acquisition of a 3.8 acre property in the Malahide Road Industrial Estate in Dublin for €7.9m.  

The property has 66,000 square feet of warehousing and 17,000 square feet of ancillary office accommodation.

 It's currently occupied by Bunzl Irish Merchants on a lease expiring in early 2020, generating annual rent of €400,000. 

"In the longer term we believe there is potential for the property to be re-zoned to allow higher value uses," the statement says.

The group has invested €7.4m in several other acquisitions, most of which is space adjacent to existing properties and were purchased with vacant possession.