European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Brookfield/​Alstria Office REIT: Additional Acceptance Period

Brookfield/Befimmo: Recommended (Cheap) Cash Offer

Brookfield/Alstria Office REIT: Agreed Takeover Offer

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