Hibernia REIT plc announced the establishment of an internal building management department to take control of the management of its multi-let commercial properties. Hibernia currently has over 500,000 sq. ft. of multi-let commercial space, all of which is expected to be transferred from third party management to direct management by mid-2017. The size of Hibernia's multi-let portfolio is expected to grow substantially as committed development schemes, including Cumberland House and 1 Windmill Lane, are completed.

Dan Boyd has been appointed to head the new department: he joins from Burlington Real Estate and is a chartered surveyor with over 20 years' experience in property management, including running major projects such as St. Stephen's Green Shopping Centre and Spencer Dock. Hibernia intends to hire three further employees to the department. The new department will be run to maximize quality of service and is expected to be cost neutral for Hibernia.