Hibernia Real Estate Group
From Wikipedia, the free encyclopedia
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]
Kevin Nowlan, Co-founder and former CEO[2]
Frank O'Neil, Chief operating officer[3]
Daniel Kitchen, Chairman[4]
| Hibernia Real Estate Group Ltd | |
|---|---|
| |
| ISIN | IE00BGHQ1986 |
| Founded | 2013 |
| Headquarters | Dublin, 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] |
| Products | Real estate portfolios |
| Owner | Brookfield Asset Management (2022–present) |
| Website | www.hiberniareg.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 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.[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]
