European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Brookfield has agreed to acquire (scheme of arrangement) underperforming Hibernia REIT at €1.60 + €0.034 dividend, a 35.6% premium and 5.7% discount to EPRA NTA (above other recent deals in the sector).</li>
<li>Hibernia's shares are trading at 0.92x BVPS; the offer represents a premium to peers both on trailing and forward 12-month EV/revenue. Capital IQ consensus expects little improvement in EPS growth.</li>
<li>Consideration looks fair and terms are final (except in case of competing offers). Gross spread is 1.22%, 6.54% annualised (assuming settlement on 15 June). <strong>Long HBRN ID</strong>.</li>
</ul>


Brookfield has agreed to acquire (scheme of arrangement) underperforming Hibernia REIT at €1.60 + €0.034 dividend, a 35.6% premium and 5.7% discount to EPRA NTA (above other recent deals in the sector).
Hibernia's shares are trading at 0.92x BVPS; the offer represents a premium to peers both on trailing and forward 12-month EV/revenue. Capital IQ consensus expects little improvement in EPS growth.
Consideration looks fair and terms are final (except in case of competing offers). Gross spread is 1.22%, 6.54% annualised (assuming settlement on 15 June). Long HBRN ID.


Brookfield/Hibernia REIT: Agreed Fair Offer

Ireland

Hibernia REIT p.l.c. operates as a real estate investment trust. The Company invests in commercial properties including offices, industrial properties, retail stores, warehousing and distribution centers, and other related property assets. Hibernia focuses on properties located in Dublin, Ireland.

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Hibernia REIT (HBRN ID)

Brookfield/Hibernia REIT: Agreed Fair Offer

Brookfield agreed to acquire Hibernia Reit for €1.09 billion (scheme of agreement). The board of Hibernia recommends shareholders accept what I...

Jesus Rodriguez Aguilar

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