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Hibernia Reit delists from Irish Stock Exchange following takeover

Property group has been taken over by Canada’s Brookfield Asset Management in €1.1bn deal

The Dockers Pub and 1SJRQ in Hibernia Reit's Windmill Quarter in Dublin

Mon Jun 20 2022 - 08:05

The State’s largest landlord, Hibernia Reit, formally delisted from the Irish Stock Exchange on Monday following the completion of its acquisition on Friday. Hibernia accepted a €1.1 billion takeover by Canada’s Brookfield Asset Management in March.

Brookfield has now acquired all of the shares in Hibernia Reit.

“Cancellation of the admission of Hibernia Reit shares to trading on Euronext Dublin and the London Stock Exchange is expected to occur with effect from 8am (Irish time) on June 20th, 2022,” Hibernia said in a statement.

It said shareholders should receive their money no later than July 1st.

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Under the terms of the acquisition, Hibernia Reit shareholders received €1.634 in cash for each Hibernia Reit share. This would be made up of €1.60 per share and a dividend of 3.4 cent per share.

The company also confirmed the resignation of directors Róisín Brennan, Margaret Fleming, Stewart Harrington, Gráinne Hollywood, Fergal O’Dwyer, Conall O’Halloran and Terence O’Rourke, and the appointment of Andrew O’Shea as a director of the company in their place.

Brookfield is one of the world’s largest owners and operators of property, with more than $250 billion (€227 billion) of property assets globally, and an office portfolio of about 200 million sq ft worldwide.

The acquisition, including the dividend, values the entire issued and to-be-issued share capital of Hibernia Reit at about €1.089 billion on a fully diluted basis. It was valued at about €781 million in the market.

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