Commercial property firm Hibernia REIT left the Irish Stock Exchange this morning, after its acquisition completed on Friday.
Hibernia accepted a €1.1 billion takeover by Canada's Brookfield Asset Management in March.
Brookfield has now acquired all of its shares, with its admission to Euronext Dublin and the London Stock Exchange cancelled at 8am this morning.
Under the terms of the deal announced in March, Hibernia REIT shareholders were entitled to receive €1.634 in cash for each Hibernia REIT share.
Hibernia REIT was the country's largest stock market-listed office landlord.
Speaking in March, Danny Kitchen, Chair of Hibernia REIT, said that despite significant progress against its strategic objectives and a track record of successfully recycling capital into value accretive opportunities, Hibernia REIT has traded at a persistent discount to its prevailing EPRA NTA (net tangible assets) per share.
"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.
Hibernia REIT said its share price had consistently traded at a discount to the value of its property portfolio since its 2013 stock market flotation.
This was the same complaint that prompted the €1.34 billion sale of rival Green REIT to Britain's Henderson Park in 2019.
Hibernia has a €1.3 billion property portfolio and its tenants include Twitter, Deloitte and HubSpot.
It said its shares had traded at a 21% average discount to its net asset valuation (NTA) over the last five years.
It listed a number of reasons for this, including expected near-term pressure on earnings while it redevelops income generating assets, the relatively low levels of liquidity in its shares, recent changes to the Irish REIT taxation regime and uncertainty over future office demand.
