The Hibernia investor is giving up its stake ahead of the sale of Reit to Brookfield


One of Hibernia Reit’s largest shareholders sold its entire 4.55 percent stake in the acquisition target at a price just under the offer currently on the table from wealth manager Brookfield.

Oronto-based Hazelview Investments sold its stake in the Irish property business for €1.612 a share in the market last Friday, a week after Canadian firm Brookfield announced its €1bn takeover bid.

The Brookfield offer consists of €1.60 plus 3.4 percent dividend per share. Hibernia’s board of directors agreed in March to recommend the cash offer, which represents a 35.6 percent premium to the stock’s closing price on March 24 but a 5.7 percent discount to Hibernia’s total assets.

The acquisition is subject to Hibernia shareholder approval.

Brookfield is one of the world’s largest owners and operators of real estate with more than $250 billion in global real estate assets.

The Canadian wealth manager is led by CEO Bruce Flatt and is based in Toronto.

Hibernia specializes in city center office development and returned to growth over the past year as work-from-home restrictions were eased and a number of deals completed.

In December, Hibernia leased 288,500 square feet in its Harcourt Square office development to KPMG Ireland on a 20-year deal under which KPMG will pay an initial annual rent of €17 million from the lease commencement in 2026.

It also completed the sale of its Dockland Central properties to Commerz Real for €152.3m.

Hibernia chairman Danny Kitchen said the acquisition came as the Dublin and London-listed company continued to trade “at a persistent discount” per share despite “a track record of successfully recycling capital into value-added opportunities.”

The deal leaves only one of the four Reits formed here under post-financial crisis tax and stock market rules, the country’s largest private landlord, Ires Reit. The Hibernia investor is giving up its stake ahead of the sale of Reit to Brookfield

Fry Electronics Team

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