Irish Residential Properties REIT has received a possible all-cash takeover proposal from Baring International Investment Limited at €1.386 per share, representing an implied equity value of approximately €727 million based on I-RES’s 524.4 million shares outstanding. The latest approach is Barings’ fifth proposal for the company.
I-RES said Barings initially approached the company on August 5, 2026, with the most recent proposal offering to acquire the entire issued and to-be-issued ordinary share capital of the residential real estate investment trust for cash.
The I-RES board has unanimously concluded that the €1.386-per-share proposal is at a level it would be minded to recommend to shareholders if Barings makes a firm offer on those financial terms.
Any recommendation remains subject to satisfactory confirmatory due diligence by Barings, agreement on the remaining terms and conditions of the potential offer, and execution of definitive transaction documentation.
The announcement does not constitute a firm intention to make an offer under the Irish Takeover Rules, and I-RES emphasized that there is no certainty a transaction will ultimately be announced or completed.
Under Irish takeover regulations, Barings has until 5 p.m. Irish/UK time on November 9, 2026 to either announce a firm intention to make an offer or state that it does not intend to proceed. The deadline can be extended with the consent of the Irish Takeover Panel.
Barings has reserved the right, subject to Irish Takeover Panel requirements, to change the form or mix of consideration. It may also amend the financial terms in certain circumstances, including with the I-RES board’s recommendation or consent, following certain shareholder distributions, or if another bidder announces a firm offer on less favorable terms.
I-RES has 524,442,218 ordinary shares outstanding, each with a nominal value of €0.10, and does not hold any ordinary shares in treasury. Its shares trade on the Official List of Euronext Dublin.
Support: Rothschild & Co is acting as financial adviser to I-RES. Barclays Bank and Davy are serving as financial advisers and joint corporate brokers.
