Hibernia Real Estate Group

Hibernia Real Estate Group Ltd, formerly called Hibernia REIT plc when it was a public real estate investment trust,[5] 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.[6][7]

For other uses, see Hibernia (disambiguation).
Hibernia Real Estate Group Ltd
ISINIE00BGHQ1986
Founded2013 (2013)
HeadquartersDublin, Ireland
Key people
Tom Edwards-Moss, CEO[1]
Kevin Nowlan, Co-founder and former CEO[2]
Frank O'Neil, Chief operating officer[3]
Daniel Kitchen, Chairman[4]
ProductsReal estate portfolios
OwnerBrookfield Asset Management (2022–present)
Websitewww.hiberniareit.com

On June 17, 2022, the Hibernia REIT was acquired by Brookfield Asset Management.[1] The company had previously been listed on Euronext Dublin's ISEQ 20 index, as well as the London Stock Exchange.[8][9]

History

Hibernia was founded by Kevin Nowlan and his father Bill.[2] It was floated on the stockmarkets 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.[1] 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][16] 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.[1][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.[5]

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

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