IRELAND\u2019S LARGEST PRIVATE residential landlord Ires Reit has said it received a \u20ac727 million offer from US-owned global investment firm Baring International Investment Limited.<\/p>\n
The board of Ires Reit has confirmed it has received a number of proposals regarding a \u201cpossible all cash offer\u201d.<\/p>\n
It said the firm, known as Barings, has made five offers, the first of which was on 5 August.<\/p>\n
It said the firm is offering to buy each ordinary share at a price of \u20ac1.386, implying an equity \u200bvalue of about \u20ac726.88 million<\/p>\n
The board has \u201cunanimously concluded\u201d that if a formal offer is made, it would be \u201cminded to recommend such a firm offer\u201d to shareholders.<\/p>\n
Under Irish Takeover Rules, Barings has until 9 November to announce an intention to \u2060bid.<\/p>\n
Shares in Ires Reit have jumped by over 22%, currently standing at 1.28%.<\/p>\n
Barings describes itself as a \u201cglobal alternative asset manager with expertise across credit, real assets, capital solutions and emerging markets\u201d. It said it has over \u20ac440 billion worth of assets under management.\u00a0<\/p>\n
Ires Reit is by far the biggest player in the capital\u2019s private rental market as well as being the largest in the country.<\/p>\n
The company\u00a0previously told investors<\/a> that the government\u2019s changes to tenancy rules could see a major increase in its rental income.<\/p>\n