Irish Residential Properties REIT (IRES REIT) is looking at internalising its management team, following the receipt of a notice of termination from its current investment manager.
IRES Fund Management Limited, a wholly-owned subsidiary of CAPREIT, served notice yesterday of the termination of the investment management agreement, which will take effect on 31 March 2022.
The board of Irish Residential Properties REIT had been evaluating the strategic and financial merits of internalising the management team or acquiring the investment manager from CAPREIT. It said it is “increasingly likely that the company will pursue internalisation” but “no decision has been made by the company to internalise, or otherwise”.
It said a further announcement will be made ahead of its forthcoming annual general meeting scheduled to be held on 11 May 2021.
The group has moved to strengthen its internal management resources, hiring a finance director and company secretary & general counsel.
Brian Fagan will join the company as finance director on 26 April 2021. He is a chartered accountant with extensive experience in the property industry. He is joining IRES REIT from his current role as chief financial officer with Island Capital. Brian previously held roles with Ballymore Properties and DCC plc.
Anna-Marie Curry will join IRES REIT as company secretary & general counsel on 1 July 2021. She is a solicitor, and previously worked with Arthur Cox and is joining the company from Bord na Móna plc.
IRES : Irish Residential Properties REIT to internalise management team