Irish Residential Properties REIT lists on the ISE raising €200m
Irish Residential Properties REIT plc (“the REIT”), the first residentially focused REIT to list in Ireland, commenced trading on the ISE today.
The REIT which has been admitted to the Main Securities Market (MSM) raised €200m from Irish and international investors on joining the Irish market.
Irish Residential Properties REIT’s shares will trade exclusively on the ISE under the ticker IRES and is included in relevant ISEQ indices.
The REIT has an initial portfolio of 338 residential units across four properties in the greater Dublin area. Its plan is to acquire, hold and manage investments primarily focused on multi-unit residential real estate located in Ireland and Northern Ireland and/or ancillary and strategically located commercial property, for third party rental.
Deirdre Somers, Chief Executive of the ISE, said:
“This is the second listing on the ISE’s equity markets in 2014 and the third successful REIT to have its initial public offering (IPO) on the Irish market. Listing exclusively in Ireland, we are delighted to be able to provide a platform for Irish Residential Properties REIT to attract Irish and international investors and grow its business.”
David Ehrlich, CEO & Executive Director of Irish Residential Properties REIT, said:
“Our flotation on the ISE has enabled us to raise €200m in international capital. Our successful fund-raising demonstrates that the Irish market is open for business and that the REITs legislation was a welcome initiative for investors interested in Ireland’s property markets.
As the first Irish REIT to focus on the residential market, our listing on the ISE provides us with an opportunity to grow our business through the acquisition of additional properties which can deliver sustainable and growing cash flows to our shareholders.”
Investec is acting as equity sponsor to Irish Residential Properties REIT.
A REIT is a publicly-quoted company which has as its main activity the ownership and management of property-related assets - whether this is residential units, retail units, office space, industrial units and warehouses.
Introduced in Ireland following the enactment of REIT legislation in 2013, Irish REITs allow investors to directly hold property through shares. This makes REITs tax-efficient investments that also have the benefit of transparency and liquidity from their quotation on a regulated stock exchange – such as the Irish Stock Exchange (ISE).
REITs are common in 35 countries around the world. In Europe 13 countries operate REITs including Ireland, the UK, Germany, Netherlands, Italy and Belgium.
- Guide to REITs for retail investors (778 KB) published by the Irish Stock Exchange