Brookfield Asset Management Inc. has agreed to buy Hibernia REIT. in a deal valuing the Irish company at about $1.2bn.
Benedict Real Estate Bidco Ltd., a subsidiary of one of Brookfield’s real estate private funds, will pay 1.634 euros a share in cash, according to a statement Friday. The price represents a 33.9% premium to Hibernia’s average share price over the past three months.
Brookfield has been on an acquisition spree across Europe as it bets on the future of the office and takes advantage of the discounts to asset value at which many of the continent’s landlords trade. The private equity firm is also in the process of buying Belgian office owner Befimmo SA and German landlord Alstria Office REIT-AG.
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“The acquisition recognises the company’s prospects and the quality of its portfolio of assets and delivers an acceleration of the value we expect to be created from completion of Hibernia REIT’s major office development projects,” Danny Kitchen, Chair of Hibernia REIT, said in the statement.
The offer price represents a 5.7% discount to Hibernia’s last reported asset value at the end of 2021.
Source: BNN Bloomberg
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