Hibernia Real Estate Group

Hibernia Real Estate Group is a Dublin-based Irish real estate development and investment business. It was established by Kevin Nowlan and his father, Bill Nowlan, and operated for much of its public-company history under the name Hibernia REIT plc. The company was created around the ownership, redevelopment, and management of commercial real estate, particularly office and mixed-use property in Dublin. Hibernia entered the public markets in December 2013 through an initial public offering that raised €385 million. The capital supported the acquisition and development of a Dublin-centered property portfolio. By September 2014, the company had invested €220 million of the IPO proceeds. During its period as a listed real estate investment trust, Hibernia traded on both the Irish Stock Exchange's ISEQ 20 index and the London Stock Exchange. The company's portfolio and development activity included the refurbishment and repositioning of central Dublin office properties. One notable project involved Cumberland Place in Dublin 2, where Hibernia worked with Twitter in 2017 to repurpose office space. The completed project received LEED Platinum certification, reflecting an emphasis on building performance and sustainability. Hibernia also received several EPRA awards for financial reporting and sustainability during its years as a listed property company. Hibernia attracted public criticism in 2015 after the demolition of the Windmill Lane recording studio associated with U2's debut album, Boy. The site's graffiti wall was retained and later auctioned to raise money for Movember, but the demolition remained a contested episode because of the location's cultural significance in Dublin's music history. Brookfield Asset Management agreed to acquire Hibernia in 2022. The offer provided shareholders with €1.60 per share plus a 3.4-cent dividend and valued the business at approximately €1.1 billion. The transaction completed on June 17, 2022. Following the takeover, Hibernia ceased to operate as a listed real estate investment trust. The company changed its name to Hibernia Real Estate Group in August 2022, reflecting its new private ownership and its status outside the REIT structure. At that time, Tom Edwards-Moss, previously chief financial officer, became chief executive, while Kevin Nowlan moved into the role of executive director. The group is reported to own 32 properties in Dublin, with a portfolio value of approximately €1.309 billion in the referenced company description. Its present identity is therefore that of a privately owned Dublin property platform within the Brookfield group rather than a separately listed Irish REIT.

Hibernia Real Estate Group originated as a Dublin-focused real estate business founded by Kevin Nowlan and his father, Bill Nowlan. It later became known publicly as Hibernia REIT plc, reflecting its operation as a listed real estate investment trust. The company concentrated on acquiring, developing, refurbishing, and managing commercial properties in Dublin. Hibernia floated on the stock markets in December 2013. Its initial public offering raised €385 million, providing capital for the expansion of its property portfolio. By September 2014, it had invested €220 million of the IPO proceeds. The company subsequently traded on the Irish market, including the ISEQ 20 index, as well as on the London Stock Exchange. A significant management change occurred in November 2015, when Kevin Nowlan joined the company as chief executive after previously working at WK Nolan REIT. During this period, Hibernia pursued the redevelopment and modernization of Dublin office assets. In 2017, it collaborated with Twitter on the repurposing of offices at Cumberland Place in Dublin 2. The completed development earned LEED Platinum recognition, one of the strongest commonly used certifications for sustainable building design and operation. The business also became involved in a public controversy in April 2015 over the demolition of the Windmill Lane studio. The venue had been associated with U2's early recording history, including the band's debut album, Boy. Although the studio was demolished, an iconic graffiti wall was retained. The wall was later auctioned to support Movember, linking the redevelopment to a charitable fundraising effort while not eliminating criticism of the demolition. Hibernia received recognition from the European Public Real Estate Association for the quality of its corporate reporting. It won a Silver EPRA Best Practices Recommendations Award for financial reporting in 2015 and Gold awards from 2016 through 2018. Its sustainability reporting also improved during the period, moving from Bronze in 2016 to Silver in 2017 and Gold in 2018. Brookfield Asset Management agreed to acquire Hibernia in 2022. The proposed consideration was €1.60 per share plus a 3.4-cent dividend, representing an approximate value of €1.1 billion and a substantial premium to the prevailing share price. Hibernia's board recommended the offer unanimously. The acquisition completed on June 17, 2022. Following completion, Tom Edwards-Moss became chief executive and Kevin Nowlan became an executive director. The company changed its name to Hibernia Real Estate Group in August 2022, signaling its transition from a public REIT into a privately owned property business within Brookfield's wider organization. The referenced company description identifies a portfolio of 32 Dublin properties valued at approximately €1.309 billion. The group is therefore principally characterized by its Dublin commercial real estate portfolio and by the transition from an independently listed REIT to a Brookfield-owned real estate platform.

• 2022

  Brookfield acquisition completed

  [1]Hibernia Real Estate Groupen.wikipedia.org

  Brookfield Asset Management completed its acquisition of Hibernia on June 17.

• 2022

  Business renamed Hibernia Real Estate Group

  [1]Hibernia Real Estate Groupen.wikipedia.org

  The company changed its name in August after leaving the listed REIT structure.

• 2017

  Cumberland Place redevelopment receives LEED Platinum

  [1]Hibernia Real Estate Groupen.wikipedia.org

  A Hibernia project carried out with Twitter to repurpose Dublin offices at Cumberland Place received LEED Platinum certification.

• 2015

  Windmill Lane studio demolished

  [1]Hibernia Real Estate Groupen.wikipedia.org

  Hibernia demolished the Windmill Lane studio associated with U2, while preserving and later auctioning its graffiti wall for charity.

• 2015

  Kevin Nowlan becomes chief executive

  [1]Hibernia Real Estate Groupen.wikipedia.org

  Kevin Nowlan joined Hibernia as chief executive in November after working at WK Nolan REIT.

• 2014

  IPO proceeds deployed

  [1]Hibernia Real Estate Groupen.wikipedia.org

  The company had invested €220 million of its IPO proceeds by September 2014.

• 2013

  Initial public offering

  [1]Hibernia Real Estate Groupen.wikipedia.org

  Hibernia floated on the stock markets in December and raised €385 million through its initial public offering.

A Dublin-focused commercial real estate owner and developer emphasizing central urban assets, redevelopment, office accommodation, and professionally managed property investment.

• Commercial real estate

  Dublin commercial property portfolio

  The group's core offering is its portfolio of commercial properties in Dublin. The referenced company description states that the portfolio comprises 32 properties with an aggregate value of approximately €1.309 billion. The assets are held, developed, refurbished, and managed as part of a Dublin-centered real estate strategy.

• Office redevelopment · 2017

  Cumberland Place

  Cumberland Place in Dublin 2 was repurposed through a project involving Hibernia and Twitter. The redevelopment illustrates the company's focus on upgrading central-city office accommodation and incorporating recognized sustainability standards. The completed space received LEED Platinum certification.

• 2015Windmill Lane graffiti wall charity auction

  Ireland

  After the Windmill Lane studio was demolished, Hibernia preserved its notable graffiti wall and arranged for it to be auctioned to raise funds for Movember.

  Outcome. The wall was preserved for an auction supporting Movember, although the wider demolition remained controversial.

  Source

• 2022

  Accept Brookfield Asset Management takeoverM&A

  Background

  Brookfield offered Hibernia shareholders €1.60 per share plus a 3.4-cent dividend, valuing the company at approximately €1.1 billion.

  Action taken

  Hibernia's board unanimously recommended the offer, and the acquisition completed on June 17, 2022.

  Aftermath

  Hibernia ceased to be an independently listed REIT, changed its name to Hibernia Real Estate Group, and continued under Brookfield ownership.

  Approximate transaction value. €1.1 billion (2022)

  Source

• 2015

  Demolish Windmill Lane studio while preserving graffiti wallOther

  Background

  The Windmill Lane studio was associated with U2's debut album and had cultural importance in Dublin's music history.

  Action taken

  Hibernia demolished the studio but preserved the iconic graffiti wall and later auctioned it for charity.

  Aftermath

  The demolition drew public criticism, while the wall preservation and auction supported Movember.

  Source

1. 1Hibernia Real Estate Groupen.wikipedia.org