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Hibernia Real Estate Group

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For other uses, see Hibernia (disambiguation).
Hibernia Real Estate Group Ltd
ISINIE00BGHQ1986
Founded2013; 11 years ago (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.hiberniareg.com

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]

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

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Hibernia was founded by Kevin Nowlan and his father Bill.[2] 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

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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

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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

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References

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  1. ^ a b c d "Hibernia REIT appoints new CEO following acquisition by Brookfield". CRE Herald. Retrieved 2022-12-18.
  2. ^ a b 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. ^ a b "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. ^ a b 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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