By Joe Hoppe


Hibernia REIT PLC shares rose Friday after Brookfield Asset Management Inc. said it has agreed on a takeover of the Irish real-estate investment trust, valuing Hibernia at around 1.09 billion euros ($1.20 billion).

Shares in London at 0810 GMT were up 36.6 pence, or 37%, at 135.0 pence.

Benedict Real Estate Bidco--a subsidiary of one of Brookfield's real-estate private funds--said that under the terms of the deal, shareholders in Hibernia will receive EUR1.634 in cash for each share, consisting of EUR1.60 as an offer price and a 3.4 cent dividend.

The offer price represents a 35.6% premium to Hibernia's closing price of EUR1.18 on Thursday.

The board of Hibernia has unanimously recommended shareholders accept the deal.

"The acquisition recognizes 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," Hibernia Chairman Danny Kitchen said.


Write to Joe Hoppe at joseph.hoppe@wsj.com


(END) Dow Jones Newswires

03-25-22 0431ET