Stock Take

Starwood Capital fuels speculation it is eyeing a full takeover bid for Ires Reit

The Florida-based investment fund has snapped up a 1.5 per cent stake in the Irish property group in less than a week and may continue buying new shares

Chairman Declan Moylan and chief executive Margaret Sweeney. Activist investor Vision Capital had tabled a series of motions to replace them and three other board directors. Picture: David Cantwell Photography

It’s been a tumultuous few months for Ires Reit, the country’s largest private landlord, which has had to grapple with a bitter shareholder revolt over its flagging share price.

The company’s board scraped through a tense emergency general meeting (EGM) last month, after activist investor Vision Capital had tabled a series of motions to replace five existing board directors, including Margaret Sweeney, the chief executive, Brian Fagan, the chief financial officer, and Moylan, the outgoing ...