The announcement Hibernia Reit is to be sold to Brookfield, a big Canadian alternative asset manager, will not come as a great surprise to market insiders. The writing has been on the wall for some time. In April 2021, I set out the logic for a deal to take Hibernia private. There are two big reasons why a deal like this makes sense.  The first is that, as a public company, Hibernia Reit is less than the sum of its parts. Hibernia is a collection of offices. Being a REIT, its purpose is to buy, develop and run properties, and…

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