IN BRIEF: Benedict Real Estate Bidco completes Hibernia takeover

Hibernia REIT PLC - Dublin-based real estate investment trust - Confirms completion of acquisition and is now owned by London-based Benedict Real Estate Bidco Ltd, a subsidiary of a real estate private fund owned by Toronto-based Brookfield Asset Management Inc. Under the agreement, Brookfield acquired Hibernia REIT for EUR1.63 per share in cash, comprising EUR1.60 per share, and a dividend of 3.4 cents. This values the takeover at EUR1.08 billion.

Excluding the dividend, the offer price reflects a 36% premium to Hibernia's closing price of EUR1.18 on March 24, the day before the takeover was announced, in Euronext Dublin, as well as a 3.0% premium company's EPRA net tangible assets per share of 158.7 cents at the end of December.

As part of the agreement, Hibernia shares are cancelled on the Euronext Dublin and the London Stock Exchange.

Current stock price: 136.52 pence, cancelled from trading

12-month change: up from 1.08p

By Tom Budszus; tombudszus@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.