Directorate Change

RNS Number : 0679E

Irish Residential Prop REIT PLC

02 July 2021

 

2 July 2021

Directorate Change

On 1 July 2021, Irish Residential Properties REIT plc ("IRES" or the "Company") was informed by Mr. Mark Kenney, a non-independent non-executive director of the Company and IRES Fund Management Limited's nominee on the Company's board, of his resignation as a director of the Company with effect from today (2 July 2021). 

Under the terms of the investment management agreement between the Company, IRES Fund Management Limited (the "Investment Manager") and IRES Residential Properties Limited (the "IMA"),  the Investment Manager retains the right to appoint a non-executive director of the Company to replace Mr. Kenney during the remaining term of the IMA.  On 31 March 2021 CAPREIT Limited Partnership ("CAPREIT") made an announcement confirming that 12 months' notice of termination had been issued to the Company by the Investment Manager, a wholly owned subsidiary of CAPREIT, in respect of the IMA. 

Declan Moylan, the Company's Chairman, commented:

"On behalf of the Board I would like to thank Mark for the significant contribution he has made during his time as a non-independent non-executive director of IRES.  His industry knowledge and experience has been of real benefit to the Board.  I look forward to continuing our working relationship with the Investment Manager for the remaining term of the IMA and with Mark and his colleagues at CAPREIT as a shareholder in the Company."

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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