Hibernia Picks New CEO After Brookfield Completes €1.1B Purchase
Irish REIT Hibernia has appointed a new chief executive after Canadian asset management giant Brookfield completed its acquisition of the company.
Hibernia’s former Chief Financial Officer Tom Edwards-Moss has been appointed chief executive. He has worked as CFO since 2014.
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.
Hibernia listed in December 2013 and has built a portfolio focused on high-quality office assets and prime redevelopment sites in central Dublin, with an emphasis on asset clustering and ESG excellence. At its last published valuation prior to delisting the portfolio was valued at €1.3B.
“Under Brookfield’s ownership we plan to maintain our focus on creating new office clusters that deliver a high-quality work environment to our tenants alongside top-tier sustainability credentials, such as the Clanwilliam Quarter and Harcourt Square,” Edwards-Moss said.