The majority of the increase was due to the completion of new office developments, according to the company. Prime Grade A office headline rents in the city centre remained unchanged at €57.50 per sq. ft. in the quarter, according to data from Knight Frank, contained in Hibernia's statement. Kevin Nowlan, CEO 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." At June 30 Hibernia had net debt of €273m and cash and undrawn facilities of €122m. Factoring in the proceeds of €125m received this month from the issue of 10- and 12-year US private placement notes, committed expenditure and payment of the final dividend of 3.4c per share, proforma cash and undrawn facilities at June 30 totalled €216m.