Brookfield Asset Management to Acquire Hibernia REIT

Posted on 03/26/2022

Hibernia REIT plc is a public real estate investment trust headquartered in Dublin, Ireland. Hibernia REIT is listed on Euronext Dublin and the London Stock Exchange. Hibernia REIT owns and develops property and specializes in Dublin city center offices. The company owns 32 properties in Dublin. Benedict Real Estate Bidco Limited, a subsidiary of one of Brookfield’s real estate private funds, and Hibernia REIT plc announced that they have reached agreement on the terms of a cash offer. Brookfield will own the entire share capital of Hibernia REIT and Hibernia REIT shareholders will be entitled to receive for each Hibernia REIT share €1.634 in cash, which is comprised of the following components: €1.60 per Hibernia REIT share; and 3.4 cent dividend per Hibernia REIT Share.

Essentially, Brookfield Asset Management is buying the real estate investment trust company for 1.09 billion euros (US$ 1.2 billion).

Eastdil Secured, Goldman Sachs, J.P. Morgan Cazenove and Société Générale, as joint financial advisers to Brookfield.

Since raising €385 million at IPO in December 2013 (€372 million net of costs) and a further €300 million in November 2014 (€286 million net of costs), Hibernia REIT has built a property portfolio, primarily consisting of Dublin city center offices. The portfolio is valued at approximately €1.327 billion at December 31, 2021.

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