Director Appointment & Board Committees Update

RNS Number : 0141C

Irish Residential Prop REIT PLC

16 June 2021

 

16 June 2021

APPOINTMENT OF NEW DIRECTOR AND ESTABLISHMENT OF A BOARD SUSTAINABILITY COMMITTEE

Appointment of Stefanie Frensch as Non-Executive Director

Irish Residential Properties REIT plc ("I•RES" or the "Company") announces the appointment of Stefanie Frensch to the board of the Company as an independent non-executive director with effect from 1 July 2021.

Stefanie Frensch is a member of the Management Board of Becker & Kries Holding, a German family office with significant real estate investments including 6,000 residential units. Prior to May 2021, she had been a member of the Supervisory Board of Alstria Office REIT for 5 years, an investment trust listed in MDAX. She also serves as a director of a number of associations, including ZIA (the leading professional association of the German real estate sector), ICG (Institut für Corporate Governance) and is a non-executive director of Förderverein Berlinische Galerie, the sponsoring association of a museum of modern art, photography and architecture in Berlin (voluntary work).

Stefanie Frensch was formerly a member of the Management Board of HOWOGE Wohnungsbaugesellschaft mbH, one of the largest German publicly owned residential companies with more than 63,000 apartments and relevant development and transaction activities (2011 - 2019). She was a partner of EY Real Estate (2007-2011) and has expertise in project management and development, asset management and transaction advisory services. Ms. Frensch is an engineer and architect.

This appointment has been made following a formal selection process conducted by the Nomination Committee.

Board Committee Update

In May, the board of the Company constituted a Board Sustainability Committee consisting of the following initial members:  Tom Kavanagh and Margaret Sweeney.  Tom Kavanagh was appointed Chair of the Board Sustainability Committee.  Ms. Frensch has been appointed as an additional member of the Board Sustainability Committee with effect from 1 July 2021.  Accordingly, with effect from 1 July 2021, the Board Sustainability Committee will consist of the following members: Tom Kavanagh, Margaret Sweeney and Stefanie Frensch (Tom Kavanagh will continue to serve as Chair of the Board Sustainability Committee).

Ms. Frensch has also been appointed as an additional member of the Audit Committee with effect from 1 July 2021.  Accordingly, with effect from 1 July 2021, the Audit Committee will consist of the following members:  Joan Garahy, Tom Kavanagh, Aidan O'Hogan and Stefanie Frensch (Ms. Garahy will continue to serve at Chair of the Audit Committee).

Declan Moylan, I•RES' Chairman, commented: 

"I'm delighted to welcome the appointment of Stefanie to the board of I•RES.  Her deep experience of one of Europe's largest residential lettings markets will bring us valuable fresh perspectives. I am also pleased to announce that the board of the Company has constituted a Board Sustainability Committee to further build the necessary skill sets that will advance our board-level ESG competency and support the Company's multi-year ESG strategy."

Additional Information

Below are the details of all directorships held by Ms. Frensch in other publicly quoted companies at any time in the previous five (5) years:

Current Directorships	Previous Directorships
None	Supervisory Board of Alstria Office REIT

Ms. Frensch does not have any interest in any shares or share options in I•RES.

I•RES confirms that, save as disclosed herein, there are no other matters requiring disclosure in relation to Rule 6.1.66 (1) to (6) of the Listing Rules of the Irish Stock Exchange plc (trading as Euronext Dublin).

For further information please contact:

For Investor Relations:

Irish Residential Properties REIT plc

Michelle Ang, Director Investor Relations  Tel: [phone]  

Margaret Sweeney, Chief Executive Officer                                          Tel: [phone]

For Media Requests:

Q4PR

Gerry O'Sullivan                                                                                         Tel: + 353 (0) 87 259 7644

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc, together with IRES Residential Properties Limited, (the "Group") is a growth oriented Real Estate Investment Trust that is focused on acquiring, holding, managing and developing investments primarily focused on private residential rental accommodations in Ireland. The Group currently owns 3,836 apartments and houses for private rental in Dublin and Cork with an additional 69 units due for delivery at the end of H1 2022 under pre-purchase contracts. The Company has a further 61 units currently under construction directly on owned sites with planning approval to develop an additional 543 residential units on its existing sites. The Company's shares are listed on Euronext Dublin. Further information in respect of the Company can be obtained from the Company's website at www.iresreit.ie.

Note on forward-looking information

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. Except as required by law or by any appropriate regulatory authority, the Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise including in respect of the Covid-19 pandemic, the uncertainty of its duration and impact, and any government regulations or legislation related to it.

 

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