Veris buys 2 property firms for €8m

Property services company Veris, formerly Irish Estates, today announced it had acquired two property management companies for…

Property services company Veris, formerly Irish Estates, today announced it had acquired two property management companies for €8 million.

Glenrye Properties Services Limited manages the Dundrum Town Centre and The Square in Tallaght while Premier Property Management Limited focuses on the residential market.

Veris said Glenrye would initially be run as a separate entity and integrated over time while Premier Property Management will be integrated immediately.

Veris will pay €6.975 million for Glenrye acquisition - approximately €5.2 million of which will be paid in cash with the remainder being satisfied through the issue of 374,195 new ordinary shares at a price of €4.66 per share.

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The company will pay €1.04 million for the Premier Property Management acquisition - €0.75 million in cash with the remainder being satisfied through share issue.

Veris chief executive Ross Ivers said: "The businesses have an impressive client portfolio and significantly add to our ability to provide a single solution for the property management requirements of large scale developments."