Hibernia REIT, which specialises mostly in commercial and industrial developments, said occupier activity has picked up as Covid restrictions have eased and since building inspections were allowed again in May.

In a trading update from April to today, Hibernia REIT said that investment transaction volumes have continued to recover, totalling €2.8 billion in the first half of 2021 from €1.1 billion the same time last year.

€1.5 billion of this occurred in the second quarter and heading into the second half of the year agents are reporting a good pipeline of prospective deals, it added.

Hibernia REIT said that over 98% of commercial rent for the quarter ending September has been received or on agreed monthly payment plans, while 98% of residential rent for the month of July has been received.

The company also said it continues to prepare its near-term office development pipeline for commencement.

It announced today that a non-binding heads of terms deal has been agreed with KPMG Ireland for a pre-let of the majority of its 337,000 square feet office development at Harcourt Square for the long term at an initial net effective rent slightly below €50 per square feet a year.

"There is no certainty that an agreement for lease will be concluded between the parties," it added.

Kevin Nowlan, Chief Executive Officer of Hibernia, said it has been encouraging to see investor and occupier activity picking up, though this is yet to be reflected in take-up figures.

"Visibility on the pace and shape of the economic recovery remains low but we are well-positioned with a clear strategy, low leverage and a high-quality tenant base," Mr Nowlan said.

"We continue to focus on preparing our exciting major office developments for commencement in the near term and the potential pre-let at Harcourt Square announced this morning is an important step in this regard," he added.