Brookfield Secured €930M From Trio Of Lenders For Hibernia Takeover
The loans valued Hibernia at €1.35B including the REIT's credit facility with Bank of Ireland. The banking consortium provided just under 70% of the finance of the takeover.
Hibernia announced last month that Chief Financial Officer Tom Edwards-Moss has been picked to take over as CEO of the company following the takeover.
He takes over from Kevin Nowlan, who will remain an executive director and continue to work as part of the senior management team in his new role as a senior adviser.
Brookfield’s acquisition of Hibernia completed on 17 June, and the company’s shares have been delisted from Euronext Dublin and the London Stock Exchange.
Following the purchase, Hibernia announced it intends to change its name to reflect that it is no longer structured as a REIT. The new name and branding will be announced later.
Brookfield announced it was purchasing Hibernia for €1.1B in March as it added the Irish REIT to its recent European buying spree.
The Canadian investor also bought German Alstria Office REIT for $4B and in February bid $1.5B for Belgian office REIT Befimmo. Brookfield has also built up a stake in British Land.