5th Nov 2015 10:47
LONDON (Alliance News) - Hibernia REIT PLC on Thursday said it has completed the acquisition of its external fund manager, bringing the management of the trust in-house.
Hibernia has acquired Nowlan Property Ltd and the shares in WK Nowlan REIT Management Ltd, its investment manager, now owned by Nowlan Property. The total consideration to acquire all the shares was EUR21.1 million, with EUR8.3 million paid in cash and the remainder paid in the issue of 10.9 million shares.
Kevin Nowlan and Tom Edwards-Moss have joined the board of Hibernia as executive directors following the deal.
Shares in Hibernia were untraded on Thursday, having last traded at EUR1.34.
By Sam Unsted; [email protected]; @SamUAtAlliance
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