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Irish Residential Properties REIT plc (IRES)
For immediate release 13 March 2024
Appointment of CEO Designate
Experienced property professional Eddie Byrne to join I-RES in April
The Board of Irish Residential Properties REIT plc (“I-RES” or the “Company”) announces the appointment of Eddie Byrne as Chief Executive Officer (“CEO”) Designate, with effect from 8 April 2024. Mr Byrne will succeed Margaret Sweeney as CEO and Executive Director of the Board with effect from 1 May 2024. As announced on 31 October 2023, Margaret Sweeney notified the Board of her intention to retire from I-RES in April 2024, having served as CEO for the past six and a half years. Margaret will step down on 30 April 2024 following an agreed transition period with the CEO Designate. Eddie Byrne’s appointment follows an extensive and rigorous selection process, led by the Company’s Nomination Committee, and assisted by Chair Hugh Scott-Barrett following his appointment to the role in January 2024. The selection process, which commenced in November 2023, considered both internal and external candidates and was supported by independent third-party advisors. Eddie Byrne has over 20 years’ experience at executive level in the real estate sector. Most recently, he was Joint Managing Partner at Quintain Developments Ireland, one of Ireland’s largest residential real estate developers, where he co-established the Irish operation that achieved over 5,000 planning permissions, built and sold c. 1,500 rental and private homes, and raised a significant amount of growth capital. He was previously Managing Director at Hudson Advisors Ireland, where he oversaw several billion euro of acquisitions and disposals of real estate assets in Ireland. He was also Chief Portfolio Officer at Netherlands based Propertize where he had responsibility for a large property portfolio across the Benelux countries and before that, worked in real estate, banking, and capital markets in North America. Commenting on the appointment, Hugh Scott-Barrett, Chair, said: “I am pleased to announce that Eddie will join I-RES as our next CEO. Eddie has an extensive track record across Irish and international real estate, including most recently in the Irish residential sector, and has significant experience in building teams, interacting with local authorities, raising capital, executing transactions, and developing strategic initiatives. Eddie’s experience will be a significant and complementary addition as we continue our previously announced Strategic Review which is considering all strategic options available to maximise value for Shareholders. On behalf of the Board, I would like to sincerely thank Margaret for her immense contribution as CEO of I-RES for the last six and a half years. Under Margaret’s leadership, I-RES delivered a significant transformation in scale, growing its portfolio by over 60% to c. 4,000 units, put in place new long-term funding structures, and successfully internalised the management of the business”.
Eddie Byrne said: “I am delighted to have been appointed as the next CEO of I-RES, a company which is the leading provider of high quality private residential rental accommodation in Ireland. The real estate sector is going through a period of unprecedented change, making this a very exciting time to be joining the business. I look forward to working with Hugh and the Board in exploring value creation opportunities for Shareholders as part of the Strategic Review, and I am excited to work with the I-RES team, its partners, and all stakeholders to develop and realise those opportunities”.
This announcement is made in accordance with Rule 6.1.64 of Euronext Dublin Listing Rules. The Company confirms that there are no other matters requiring disclosure under Rule 6.1.66 of Euronext Dublin Listing Rules. END For further information please contact: For Investor Relations at Irish Residential Properties REIT plc: Luke Ferriter, Investor Relations Tel: +353 (0) 1 563 4000
Margaret Sweeney, Chief Executive Officer Tel: +353 (0) 1 557 0974 For Media Queries: Padraig McKeon, I-RES PR and Communications Tel: + 353 (0) 87 231 2632 Jonathan Neilan, FTI Consulting Tel: +353 (0) 86 231 4135
About Irish Residential Properties REIT plc Irish Residential Properties REIT plc (“I-RES”) is a growth oriented Real Estate Investment Trust providing quality professionally managed homes in sustainable communities in Ireland. The Group owns 3,734 apartments and houses for private rental in Dublin and Cork. I-RES aims to be the provider of choice for the Irish living sector, known for excellent service and for operating responsibly, minimising its environmental impact, and maximising its contribution to the community. The Company's shares are listed on Euronext Dublin. Further information at . Important notices This announcement is not intended to, and does not, constitute or form part of any offer, invitation or solicitation of any offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities or the solicitation of any vote or approval in any jurisdiction, whether pursuant to this announcement or otherwise. The release, distribution or publication of this announcement in jurisdictions outside Ireland may be restricted by laws of the relevant jurisdictions and therefore persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction. Responsibility Statement The directors of I-RES accept responsibility for the information contained in this announcement. To the best of the knowledge and belief of the directors (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | IE00BJ34P519 |
| Category Code: | BOA |
| TIDM: | IRES |
| LEI Code: | 635400EOPACLULRENY18 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 309534 |
| EQS News ID: | 1858203 |
| End of Announcement | EQS News Service |
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