Largest shareholder in Ires Reit backs plans for sale of company’s €1.5bn property portfolio
In a setback for management at the Irish property group, Capreit has back plans tabled by an activist investor to sell the company’s property assets
The largest shareholder in Ires Reit, the country’s biggest private landlord, has confirmed it intends to support a number of proposals at a crucial investor meeting next month to break up and sell the company.
Mark Kenney, chief executive of Capreit, the Canadian property fund which holds a near 20 per cent stake in the embattled property firm, said his company will vote for a proposal to sell the €1.5 billion property portfolio owned by Ires Reit. In a statement to the Business Post, Kenney said his company will also vote in favour of resolutions to replace five current board members of the Irish property company with nominees put forward by Vision Capital, an activist investor.
