Hibernia Real Estate Group Explained

Hibernia Real Estate Group Ltd
Key People:Tom Edwards-Moss, CEO
Kevin Nowlan, Co-founder and former CEO
Frank O'Neil, Chief operating officer[1]
Daniel Kitchen, Chairman[2]
Products:Real estate portfolios
Location:Dublin, Ireland
Homepage:www.hiberniareg.com

Hibernia Real Estate Group Ltd, formerly called Hibernia REIT plc when it was a public real estate investment trust,[3] is a real estate development firm headquartered in Dublin, Ireland. The company owns 32 properties in Dublin, and has a portfolio valued at €1.309 billion.[4] [5]

On June 17, 2022, the Hibernia REIT was acquired by Brookfield Asset Management.[6] The company had previously been listed on Euronext Dublin's ISEQ 20 index, as well as the London Stock Exchange.[7] [8]

History

Hibernia was founded by Kevin Nowlan and his father Bill.[9] It was floated on the stock markets in December 2013. It raised €385 million in its IPO, €220 million of which it had invested by September 2014.[10]

The company met criticism when, in April 2015, it demolished the Windmill Lane studio where U2 had recorded their debut album, Boy.[11] The iconic graffiti wall was preserved and auctioned to raise funds for Movember.[12]

Kevin Nolan joined the company as CEO in November 2015, from WK Nolan REIT.[13]

In 2017, Hibernia worked with Twitter to repurpose the offices at Cumberland Place, Dublin 2. The finished space was awarded a LEED Platinum award.[14]

Takeover

In June 2022, Hibernia was taken over by Brookfield Asset Management, a Canadian investment management firm. Brookfield had offered investors €1.60 per share as well as a 3.4c dividend in March; this valued Hibernia at around €1.1 billion, 36% above the share price at the time.[15] Hibernia's board, accounting for 1.37% of the company's shares, recommended the offer unanimously.[16] One of the firms largest shareholders, Hazelview Investments, sold its 4.55% stake in April.[17] After the takeover, Tom Edwards-Moss, the company's CFO since June 2014, was appointed the new chief executive and outgoing CEO Kevin Nowlan was made an executive director.[18] The company changed its name to Hibernia Real Estate Group in August 2022, reflecting the fact it was no longer a real estate investment trust.

Awards

Hibernia won a Silver EPRA Best Practices Recommendations Award for financial reporting in 2015 and a Gold in 2016, 2017 and 2018.[19] [20] [21] [22]

It also won a Bronze EPRA Best Practices Recommendations for sustainability in 2016, a Silver in 2017 and a Gold in 2018.[23] [24] [25]

See also

External links

Notes and References

  1. Web site: Hibernia REIT . Bloomberg . 1 November 2018.
  2. Web site: What do Ireland’s biggest builders and landlords earn? . Irish Times . 1 November 2018.
  3. Web site: Hibernia REIT changes name to Hibernia Real Estate Group . . 19 December 2022 . 11 August 2022.
  4. Web site: Investors . Hibernia REIT . 2 November 2018.
  5. Web site: About Us . Hibernia REIT . 1 November 2018.
  6. News: Hibernia REIT appoints new CEO following acquisition by Brookfield. CRE Herald. 2022-12-18. en-US.
  7. Web site: HIBERNIA REIT PLC . Irish Stock Exchange . 1 November 2018.
  8. Web site: HIBERNIA REIT P.L.C. ORD EURO.10 . London Stock Exchange . 1 November 2018.
  9. Web site: John Mulligan . Hibernia Reit’s €1.1bn takeover due to complete next week . . 19 December 2022 . 9 June 2022.
  10. Web site: Professional yes, but property Reits are no 'get rich quick' scheme . Irish Independent . 1 November 2018.
  11. Web site: Landmark U2 recording studio demolished . The Telegraph . 1 November 2018.
  12. Web site: Iconic Windmill Lane graffiti wall to be auctioned off for Movember . The Journal . 1 November 2018.
  13. Web site: Management . Hibernia REIT . 1 November 2018.
  14. Web site: Twitter EMEA Headquarters at Cumberland Place awarded prestigious LEED Platinum Level . Irish Building Magazine . 1 November 2018.
  15. Web site: Public companies on the Private Equity shortlist . . 19 December 2022 . 17 December 2022.
  16. Web site: Colin Gleeson . Hibernia Reit receives takeover offer valuing it at more than €1bn . . 19 December 2022 . 25 March 2022.
  17. Web site: Donal O'Donovan . Hibernia investor exits its holding ahead of Reit’s sale to Brookfield . . 19 December 2022 . 6 April 2022.
  18. Web site: Barry O'Halloran . Hibernia Reit confirms Edwards-Moss as chief executive . . 19 December 2022 . 21 June 2022.
  19. Web site: Gaining Momentum EPRA Annual Report Survey 2014 /15 . EPRA . 1 November 2018.
  20. Web site: A new rush for Gold EPRA Annual Report Survey 2015/2016 . EPRA . 1 November 2018.
  21. Web site: Right on target EPRA Annual Report Survey 2016/2017 . EPRA . 1 November 2018.
  22. Web site: Building the future: reaching new heights EPRA Annual Report Survey 2017/2018 . EPRA . 1 November 2018.
  23. Web site: Surging Ahead EPRA Sustainability Awards 2016 . EPRA . 1 November 2018.
  24. Web site: 1 Reaching Critical Mass Sustainability Best Practices Recommendations . EPRA . 1 November 2018.
  25. Web site: THE PATH AHEAD Sustainability Best Practice Recommendations . EPRA . 1 November 2018.

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