Irish property fund Hibernia raises 365 mln euros in listing
* Raises slightly more than target
* Aims to tap recovery in Irish property market
* Ireland due to leave bailout this week
DUBLIN, Dec 11 (Reuters) - Ireland's Hibernia REIT raised 365 million euros ($503 million)in an initial public offering to become the second real estate investment trust (REIT) to launch in the country this year as its property market stabilises.
Following Green REIT onto the market, Hibernia raised slightly more than its targeted 350 million euros, planning to build a portfolio of mainly commercial property - principally Dublin office space.
"We believe a unique opportunity exists in Ireland to build an attractive property investment portfolio in light of current property values, the supply of assets on the market and the outlook for rents," Chief Executive Kevin Nowlan said in a statement.
Ireland's government made legislative changes this year to permit the setting up of REITs, which allow investors to own property via a company rather than being direct landlords and are an important feature of the British property market.
The country has finally begun to eke out a measure of economic growth and will leave its 85 billion euro bailout this week, leading the way among indebted euro zone states in a much-needed success story for Brussels and austerity policies.
Irish commercial property prices are beginning to stabilise from falls of around 65 percent after the bursting of a credit-fuelled real estate bubble wreaked havoc on the country's banks and pushed the country into the EU/IMF bailout.
Hibernia is aiming to provide annual shareholder returns of 10-15 percent.
"This will bring further investment capital to the Irish property market and will also provide increased choice for investors," Finance Minister Michael Noonan said in a statement.
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