Ires Reit, owner of The Marker residences apartments complex on Grand Canal Square in Dublin (pictured), faces a contentious extraordinary general meeting this month as revel shareholders seek a boardroom coup. Ires' Canadian founder, which will support a planned boardroom coup at the property group this month, sought a significant hike in potential fees from the Irish company in talks in late 2020 to extend an asset management contract, according to sources.
Ires decided in mid-2021 to move management of its assets in-house, after failing to agree a new investment management agreement (IMA) with Toronto-based Capreit's Ires Fund Management unit. Ires bought out Ires Fund Management in early 2022 for a nominal €1, under an original management deal tied to the company's initial public offering (IPO) a decade ago. Real estate investment trusts such as Ires are typically set up with the founding property company managing the underlying assets by contract through a fund management vehicle
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