State’s largest private landlord I-RES approves €731m takeover bid

The board of I-RES is recommending its shareholders approve the deal which represents a premium of 30.8c on the company’s closing share price of 106.0c on September 25. File photo: Sam Boal / RollingNews.ie

The board of the State’s largest private landlord Irish Residential Properties REIT (I-RES) has reached an agreement to sell the company to a real estate investment firm for €731m.

The purchasing company BidCo is a newly incorporated company which is wholly owned by funds and accounts managed or advised by the real estate investment firm Barings. BidCo will acquire the entire issued and to be issued share capital of I-RES.