Ires Reit says offer of two board seats has been rejected by Canadian investment firm Vision Capital
Margaret Sweeney
Ireland’s largest private-sector landlord sold €96.5m of property last year to help keep its debt burden under Reit limit of 50%
Vision Capital’s egm motions were defeated but Ires has committed to a strategic review that could ultimately see the Irish private sector landlord sold or broken up
Issues had been identified last week with votes cast via platform provider Broadridge Financial Solutions
Each side accusing the other of seeking to mislead shareholders as State’s largest private landlord prepares to vote on its future
Move provides continuity at a time when the apartments owner is fighting against an attempted boardroom coup by an activist investor
Ires and other European property stocks have rallied since late October amid hopes the ECB will cut rates at pace next year
Ires grew sharply under chief executive’s leadership yet shares have fallen sharply in past 18 months
Seen & Heard: Toll misery looms; Ires’ Sweeney faces further pressure; Glenveagh’s factory plans; Tetrarch gets Howth hotel permission; British families struggle with mortgage hikes
Ires Reit to offload homes to Tuath Housing Association for €72 million
Would-be buyers of Ires assets know they are dealing with a motivated seller in a weakening market
Ires Reit profits rose by 15% to €67.5 million in 2021
Acquisition includes completed apartments and new development on adjacent site
Number of Iseq20 women directors is up to 31 per cent, but number who are executive directors stuck at one-in-10
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