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Property REIT lists on ISE, raises E200m

Wednesday, April 16 12:06:54

Irish Residential Properties REIT plc, the first residentially focused REIT to list in Ireland, commenced trading on the Irish Stock Exchange (ISE) today.

The REIT which has been admitted to the Main Securities Market (MSM) raised E200m 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 and Executive Director of Irish Residential Properties REIT, said: "Our flotation on the ISE has enabled us to raise E200m 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," he added.