On March 25, 2022, Brookfield Asset Management Inc. completed a deal to acquire Hibernia REIT Plc., valuing the Irish real estate company at approximately 1.09 billion euros (CAD1.08 billion). The acquisition was undertaken by Benedict Real Estate Bidco Ltd., a subsidiary of Brookfield's real estate private funds, offering a cash payment of 1.634 euros per share. This offer marked a significant 33.9% premium over the average share price of Hibernia REIT for the preceding three months. The transaction was part of Brookfield's broader strategy to expand its footprint in Europe, capitalizing on the future of office spaces and leveraging the lower asset values at which European property companies were trading. In line with this strategy, Brookfield was also in the midst of acquiring other European real estate entities, including Belgian office owner Befimmo SA and German landlord Alstria Office REIT-AG. Danny Kitchen, the Chair of Hibernia REIT, acknowledged the deal as an affirmation of the company's potential and the high quality of its asset portfolio. He emphasized that the acquisition would expedite the realization of value from Hibernia's significant office development projects. Despite the optimistic outlook, the offer price was a 5.7% discount to the asset value reported by Hibernia at the end of 2021.