State's largest private landlord names next chief executive

Eddie Byrne has over 20 years experience at an executive level in the property sector

Eddie Byrne has been named the next chief executive of the company and will take up the position on May 1.

The largest private landlord in the State, Irish Residential Properties REIT (Ires) has named Eddie Byrne as its new chief executive, succeeding Margaret Sweeney.

Mr Byrne has over 20 years experience at an executive level in the property sector and most recently was a joint managing partner at Quintain Developments Ireland. 

He previously worked as the managing director of Hudson Advisors Ireland where he oversaw acquisitions and disposals of property assets in Ireland.

Chair of Ires’ board Hugh Scott-Barrett said Mr Byrne has an “extensive track record” across the sector in Ireland and they are pleased he has agreed to join the company.

Mr Byrne will take up the role as chief executive designate on April 8 and will take over from Ms Sweeney on May 1. He will also be made an executive director of the company’s board.

Ms Sweeney announced that she would be retiring in October last year after over six and half years in the position.

“Eddie’s experience will be a significant and complementary addition as we continue our previously announced Strategic Review which is considering all strategic options available to maximise value for shareholders,” Mr Scott-Barrett said.

On his appointment, Mr Byrne said the sector is going through a “period of unprecedented change” adding that he is looking forward to working with the board “in exploring value creation opportunities for shareholders”.

The appointment of Mr Byrne comes following a turbulent period of the company. In February, the board successfully fought off resolutions brought by a minority shareholder which sought to replace five members of the board as well as a move that could see a forced sale of Ires and its assets.

While the Ires board successfully defeated the resolutions, it did so with around 60% of the vote on each which means there remains a significant contingent who are still interested in potentially liquidating the company.

Ires owns over 3,700 apartments most of which are located in Dublin aside from a 50-unit block in Harty’s Quay in Cork.

The board had previously announced a comprehensive strategic review to consider the full range of strategic options in order to maximise the value for shareholders. This work is set to continue under Mr Byrne.