Hibernia REIT has said it will begin a €25 million share buyback programme today.

In a statement, the company said it may continue until the end of February 2021, subject to market conditions.

The maximum number of ordinary shares to be repurchased under the programme is 68,478,208 and these may be repurchased on either Euronext Dublin or the London Stock Exchange. 

Goodbody will repurchase the shares on the company's behalf.

The company said the purpose of the programme is to reduce their share capital.

Kevin Nowlan, Hibernia’s Chief Executive Officer, said despite economic uncertainty, the business is in a strong position.

"Our rent collection statistics are good and our balance sheet is extremely robust, with a last reported loan to value ratio of 16.5%. This €25m share buyback is expected to be accretive to net asset value per share and earnings per share and will also complete the return to shareholders of the proceeds from the sale of 77 Sir John Rogerson’s Quay started with the €25m share buyback undertaken last year," he said.