Benedict Real Estate Bidco, a subsidiary of Brookfield Real Estate, made the offer to buy Hibernia REIT.
"The acquisition recognises the company's prospects and the quality of its portfolio of assets and delivers an acceleration of the value we expect to be created from completion of Hibernia REIT's major office development projects," he said. This was the same complaint that prompted the €1.34 billion sale of rival Green REIT to Britain's Henderson Park in 2019.
The offer therefore represents a 5.7% discount to its independently valued NTA per share at the end of last year, said Hibernia, which raised €385m at its IPO in 2013 and a further €300m a year later.
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