Long-awaited strategic review at Ires rules out sale of company

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IRES Reit News

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Ires Reit to sell 8% of apartment portfolio over five years

A long-awaited strategic review at Ireland’s largest private landlord has ruled out a sale of the group or its assets after months of boardroom tension over the future of the company.

However, the board has committed to a “capital recycling programme”, which it said will include the disposal of some 315 apartments over a three to five years period, around 8 per cent of its total portfolio. The initiative is expected to generated between €110 million and €115 million, Ires said. Ires Reit, which reported half-year financial results on Thursday, said its board has “unanimously concluded that, following rigorous market testing, a sale of the company or its assets is unlikely to maximise shareholder value”. It comes after a campaign by Vision Capital, a Canadian investor with a 5 per cent stake, to force a sale of the business earlier this year.

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