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Irish Residential Properties REIT Plc

23 April 2014

We advised Irish Residential Properties REIT plc (IRES) on its €200m IPO and admission to listing on the Official List and to trading on the Main Securities Market of the Irish Stock Exchange.

Our large, multi-disciplinary team was led by Corporate Partners Justin McKenna, Matthew Cole and Paul Egan, Head of Investment Funds Fionán Breathnach and Real Estate Partner Declan Curran.

Irish Residential Properties REIT’s shares will trade exclusively on the ISE under the ticker IRES and will be included in relevant ISEQ indices.

IRES is the first Irish REIT focused on residential real estate. It has an initial portfolio of 338 residential units across four properties in the greater Dublin area and plans to acquire, hold and manage investments primarily focused on multi-unit residential real estate located in Ireland and Northern Ireland and ancillary and strategically located commercial property.

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."

Corporate Partner Matthew Cole said:

“Mason Hayes & Curran are delighted to have advised IRES on what has been the most significant Irish IPO of the year to date. The success of the offering, together with the secondary fundraising by Green REIT demonstrates the sustained demand for Irish real estate opportunities from international investors. As the first REIT to be listed solely in Dublin, IRES is a vote of confidence in the Irish markets.”

Shearman & Sterling advised IRES on UK and US law and Stikeman Elliot advised on Canadian law aspects. McCann Fitzgerald, Norton Rose Fulbright and Torys advised TD Securities Inc. as Joint Bookrunner and Investec Bank plc as Joint Bookrunner and Sponsor.

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