The board of the country’s largest landlord, Irish Residential Properties REIT (I-RES), said today it had it had agreed to be bought alternative asset manager Barings in a €731m deal.
The directors of I-RES said the acquisition is in the best interests of its shareholders.
Barings also said it believes today’s purchase will deliver value for I-RES shareholders. It will be paid in cash.
Under the terms of today’s deal, I-RES REIT said that shareholders will receive 136.51 cent per share and a dividend per share of 2.09 cent.
It represents a 30.8% premium to IRES’s last close before the company first announced the offer in September.
Shares in the company moved higher in Dublin trade today.
Hugh Scott-Barrett, Chairman of I-RES, said the company in recent years has delivered consistently strong operational performance.
“We remain confident in the business and its standalone growth prospects,” the chairman said.
“However, despite these results and the significant progress made against our strategic objectives, I-RES, like many in the listed real estate universe, has traded at a persistent discount to its prevailing EPRA NTA per share, which the I-RES Board believes does not fully reflect the underlying quality and performance of the business,” he explained.
“Having carefully considered the certain cash value and premium over prevailing market prices available to shareholders today, against the potential returns available to shareholders from execution of the standalone strategy, the Board unanimously recommends Barings’ offer,” he added.
Earlier today, I-RES said that Barings has requested a short extension to the PUSU (Put up or Shut up) deadline for the company, which had been due to expire today.
In September, Irish Residential Properties REIT said it has received five proposals from asset manager Barings.
I-RES, which provides private residential rental accommodation in and around Dublin, has seen strong demand for quality rental homes amid Ireland’s housing shortage.
It held 3,627 residential properties in 2025.
