Irish property company Hibernia has raised €125 million from cornerstone investors midway through a €350 million cash raising programme, planned to end in early December when its shares are due to be listed.

The share placing is being handled by Credit Suisse and Irish broking firm Goodbody. Investors are not being told which properties Hibernia will buy, but the company argues its managers, led by father-and-son team William and Kevin Nowlan, are exceptionally well-connected.