Reports suggest that Ires Reit is currently in private negotiations with Irish Life Investment Managers (ILIM) over the sale of the Marker Residences, Ires’ principal apartment building. The deal could fetch between €80m and €100m, and it is understood that the motivation behind this move is an attempt to quash a potential revolt from a small group of investors, including Vision Capital. Vision released an open letter recently, critical of the company’s underperformance, and currently holds a 5% stake in Ires. Analysts suggest that the disposal would allow Ires to reach its €100m target of non-core asset sales, but Vision has declared its opposition to the deal. The firm has called for the company to be taken private and is pushing shareholders to vote down its CEO, CFO and two other directors.
Ires Reit in talks to sell Marker Residences to Irish Life Investment Managers to quiet potential shareholder revolt
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