LONDON, UK: Benedict Real Estate Bidco Limited, a subsidiary of 1 of Brookfield’s actual property private funds, has agreed to acquire entire share capital Hibernia REIT plc on the speed of €1.634 for every Hibernia REIT share.
The acquisition values the entire issued and to be issued share capital of Hibernia REIT at roughly €1.089 billion on a fully diluted basis.
Brad Hyler, Managing Partner and Head of European Real Estate at Brookfield, said: “We have constructed a strong relationship with Hibernia REIT’s administration team and are excited to partner with them within the subsequent phase of the Company’s development by combining Brookfield’s global actual property experience with Hibernia REIT’s established working platform and portfolio of high-quality standing and development assets in Dublin’s most strategic submarkets.
We look ahead to supporting Hibernia REIT as they proceed to create worth by capturing demand from top global tenants for modern, sustainable buildings with best-in-class facilities and wellness credentials in prime locations.”
Danny Kitchen, Chair of Hibernia REIT, said: “Despite significant progress against its strategic objectives and a track record of efficiently recycling capital into worth accretive opportunities, Hibernia REIT has traded at a persistent low cost to its prevailing EPRA NTA per share. The Acquisition recognises the Company’s prospects and the standard of its portfolio of assets and delivers an acceleration of the worth we expect to be created from completion of Hibernia REIT’s main workplace development projects.
The acquisition permits Hibernia REIT shareholders to realise the worth of their funding in Hibernia REIT in money at a significant premium to Hibernia REIT’s prevailing share price and a premium to its EPRA NTA per share at 31 December 2021, when taking account of the Directors’ present estimates of anticipated latent tax and debt breakage prices for Bidco.”
Brookfield Asset Management is a number one global alternative asset supervisor with roughly US$690 billion of assets under administration throughout actual estate, infrastructure, renewable energy and transition, private fairness and credit. Brookfield owns and operates long-life assets and businesses, many of which form the spine of the worldwide economy.
Brookfield is one of many world’s largest owners and operators of actual property with over $250 billion of actual property assets globally, and an workplace portfolio of roughly 200 million sq. feet worldwide. In Europe, Brookfield’s actual property enterprise comprises roughly $50 billion of assets throughout office, student housing, logistics, life sciences, residential, retail and hospitality.
Hibernia REIT is an Irish Real Estate Investment Trust (REIT), listed on Euronext Dublin and the London Stock Exchange. Hibernia REIT owns and develops property and specialises in Dublin metropolis centre offices. Its enterprise mannequin is to ship income and capital growth for its shareholders through asset management, development exercise and capital recycling, whereas utilizing modest ranges of monetary leverage. Asset clustering and ESG excellence are two strategic priorities for Hibernia REIT.
www.hiberniareit.com