Ireland's biggest landlord Ires Reit set for €726m takeover by UK investor Barings

Offer must be formally made by November 9

The board of I Res Reit. the largest private landlord in the State, has recommended a takeover offer valued at over €726m.

Ireland's largest institutional landlord Ires Reit is set for a €726m takeover after an offer from Baring International Investment was recommended by the board. 

"The board has carefully evaluated the possible offer together with advisors and unanimously concluded  that the possible offer is at a level which... the board would be minded to recommend to I-RES shareholders," a statement on Monday from Ires Reit said.

Ires Reit has more than 3,600 units across Ireland, with 99.4% occupancy. The locations are centred in Dublin, across 35 major developments.

Barings first made an approach for Ires Reit on August 5, and this offer is the fifth made for the group. The all-cash offer values the landlord at €1,386 per ordinary share, which would value the group at over €726.87m. This would value the company 30% higher than Friday's stock closing price on Dublin's Euronext. Trading in Ires Reit after the takeover recommendation saw the share price jump 21.7% on Monday morning.

Barings must formally make an offer by November 9.  "There can be no certainty that a firm offer will be made. A further announcement will be made as and when appropriate," said the Ires Reit statement.

Ires Reit made profits before tax of €49.7m in 2025. 

In 2019, I-Res agreed to purchase a 50-house development at Harty's Quay on Rochestown Road in Cork, its first acquisition in the city, as part of a strategy to increase its regional foothold. However, the company changed strategy and five years later the group completed its strategic exit from the Cork market, which is said was "an important step" towards improving cost structures and margins. "Focusing on the greater Dublin area maximises efficiencies and the future operating leverage of the Group," it said at the time. 

The company said in February its average monthly rent per unit was €1,852.