Completion of internalisation and Board appointments

Hibernia REIT plc (“Hibernia”) announces that it has completed the internalisation of its management team through the acquisition of the entire issued share capital of Nowlan Property Limited (“NPL”) and the shares in the capital of WK Nowlan REIT Management Limited (the “Investment Manager”) not held by NPL. 

The net assets of the Investment Manager at completion were €6,451,243 and the net assets of NPL at completion were €478,449: taken together with the Base Fee Initial Consideration of €14,207,317 the Completion Consideration totalled €21,137,009.  €8,278,283 of the Completion Consideration is being paid in cash and the remainder will be settled through the issue of 10,933,826 new ordinary shares in Hibernia, for which listing applications will be made shortly to the Irish Stock Exchange and London Stock Exchange.

Kevin Nowlan and Tom Edwards-Moss have joined the Board as Executive Directors with immediate effect.