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Canadian investor cuts stake in listed property firm Ires

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Chief executive of Ires Reit Margaret Sweeney

Chief executive of Ires Reit Margaret Sweeney

Chief executive of Ires Reit Margaret Sweeney

Canada's Timbercreek Asset Management has cut its stake in Irish Residential Properties Reit, Ireland's biggest private landlord.

Filings with the stock exchange show Timbercreek has reduced its stake from 5.98pc to 4.82pc.

The stake is valued at €32.4m, based on Ires Reit's Friday closing price. The company has a market capitalisation of €672m.

The stake sale by Timbercreek is the first since last August by the Canadian firm.

That month, it reduced its holding in Ires Reit from 6.81pc to 5.98pc.

Ires Reit floated on the stock market in 2014.

In March, the company raised €200m via a private note placement, with at least some of the proceeds of that earmarked to repay a €600m revolving credit facility.

The company said that the private placement had been heavily oversubscribed and also attracted new institutional investors and life insurance investors from the United States.

Irish Independent