Shearman & Sterling represented Irish Residential Properties REIT plc (IRES REIT) on its €200 million initial public offering and Irish Stock Exchange listing. The transaction closed on 16 April 2014. Investec Bank plc acted as sponsor to IRES REIT and Investec Bank plc and TD Securities Inc. acted as joint bookrunners for the offering.
Irish Residential Properties REIT plc is a property investment company that will acquire, hold and manage investments primarily focused on multi-unit residential real estate and ancillary and/or strategically located commercial property, for third party rental, on the Island of Ireland. Prior to the offering IRES REIT was an indirect, wholly-owned subsidiary of Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), which is one of Canada's largest residential landlords. CAPREIT is a growth-oriented investment trust that owns interests in 41,214 residential units located in and near major urban centres across Canada.
The Shearman & Sterling team included partners David Dixter (London – Capital Markets) and associates Joji Ozawa (London – Capital Markets), Richard Porter (London – Mergers & Acquisitions) and Sophie Rees (London – Mergers & Acquisitions) and trainee solicitor Rebecca Lee (London – Mergers & Acquisitions). Partner Larry Crouch (Palo Alto – Tax), counsel Simon Letherman (London – Tax) and associates Joseph Tucci (Palo Alto – Tax) and Gabriel Ng (London – Tax) provided tax advice. Partner Nathan Greene (New York – Asset Management) and associate Nina Garnham (London – Asset Management) provided Investment Company Act advice and counsel Sharon Lippett (New York - Executive Compensation & Employee Benefits) and associate Nell Beekman (New York - Executive Compensation & Employee Benefits) provided ERISA advice.