Major Ires Reit shareholder, Orna O’Brien, is demanding that the real estate investment trust (REIT) be taken private. The move is expected to give the company’s investors greater control over its property portfolio, which currently comprises over 3,600 residential units and over 13 commercial properties in Dublin. The shareholder’s demand for privatization comes amidst mounting concerns about the performance of Ires Reit, as well as the sustainability of its dividend payouts. This article will explore the factors behind the shareholder’s call for privatization and their potential implications for the Irish real estate market.
A shareholder in Ires Reit, Vision Capital, has written an open letter to the board calling for the company to be taken private due to years of poor performance as a publicly listed company. The firm, which holds a 4.75% stake in Ires Reit, claims that it has been unable to get its concerns addressed despite raising them with the board this year. Vision Capital said it plans to vote against the reappointment of four directors, including Executive Chairman Declan Moylan and CFO Brian Fagan, and is urging other shareholders to do the same. The firm believes there is an opportunity for Ires Reit to operate privately with a different corporate and capital structure, leading to greater value creation for the company and its shareholders. The Ires Reit board has issued a brief statement saying it is reviewing the letter and will respond in due course.
In conclusion, the recent demands made by Major Ires Reit shareholder to take the company private have caused a stir in the real estate investment trust industry. It remains to be seen if the company’s board will heed to this call and take the company private. However, regardless of the decision made, it is clear that shareholders are determined to see a turnaround in the company’s fortunes, and it is up to the management to take necessary steps to restore their confidence. As always, we will be keeping a keen eye on any developments regarding this issue, and will keep you informed of any updates as they occur. Thank you for reading.
