The cost of debt from €16.8 million to €26.7 million as a result of higher interest rates. Underlying earning of the properties owned by Ireland’s largest landlord Ires Reit fell in 2023 as the firm starts a strategic review which could see the sale of its assets, a merger with another firm, or a halt to its REIT status. EPRA earnings, or the income generated by the properties, dropped from €30.9 million to €27.6 million as debt costs hit profits. Financing costs rose from €16.8 million to €26.
7 million as a result..
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Ires Reit fights for support as chairman and CEO departIres Reit's defense against an activist investor has led to the departure of its chairman and CEO. The company is fighting for support at an upcoming extraordinary general meeting.
Source: IrishTimesBiz - 🏆 6. / 77 Read more »
Ires Reit faces boardroom coup as founder sought higher feesIres Reit, owner of The Marker residences apartments complex on Grand Canal Square in Dublin, faces a contentious extraordinary general meeting this month as revel shareholders seek a boardroom coup. Ires' Canadian founder sought a significant hike in potential fees from the Irish company in talks in late 2020 to extend an asset management contract.
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Future of Ires Reit on the line as shareholders gear up for crucial EGMA crucial shareholder meeting to decide the future of Ires Reit, Ireland’s largest private landlord, will take place in Dublin on Friday morning following a bitter row that has engulfed the company, pitting key management in Ires in a head-to-head battle with one of the group’s largest shareholders.
Source: businessposthq - 🏆 8. / 71 Read more »
Companies Ires Reit EGM: Margaret Sweeney to survive as shareholders back re-election of boardPreliminary results from the Ires Reit EGM indicate that the entire board, including Margaret Sweeney, the chief executive, will be re-elected. Shareholders in Ires Reit, Ireland’s largest private landlord, look to have voted down all of the proposals tabled by activist investor Vision Capital following a crucial emergency general meeting held in Dublin on Friday morning.
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Companies Shares in Ires Reit Tumble as Goodbody Warns of Further FallsShares in Ires Reit dropped on Friday after shareholders voted down proposals tabled by activist investor Vision Capital and analysts at Goodbody anticipated the downward momentum will continue.
Source: businessposthq - 🏆 8. / 71 Read more »