Shearman & Sterling represented Irish Residential Properties REIT plc (“IRES”) on its firm placing and placing and open offer of 215,000,000 new ordinary shares to qualifying shareholders and other investors at a price of €1.00 per share. Credit Suisse Securities (Europe) Limited acted as sole global coordinator and joint bookrunner, Investec Bank plc acted as sponsor and joint bookrunner and TD Securities Inc. and Barclays Bank PLC acted as joint bookrunners for the transaction. The new shares were admitted to trading on the Irish Stock Exchange on 26 March 2015. Shearman & Sterling previously advised IRES in connection with its €200 million initial public offering in April 2014.
IRES is an Irish property investment company, focused primarily on the multi-unit residential rental property market in Ireland. IRES is one of the largest non-governmental residential landlords in Ireland, with a property portfolio comprising ten properties located in the Dublin area.
The Shearman & Sterling capital markets team included partner David Dixter, associates Pawel Szaja and Andy Zwecker and former secondee Peter Skaaring (all London-Capital Markets). Additional advice was provided by associate Richard Porter (London-Mergers & Acquisitions), as well as partner Larry Crouch (Menlo Park-Tax), counsel Simon Letherman (London-Tax) and associates Gabriel Ng (London-Tax) and Alice Townes (Menlo Park-Tax). Partner Nathan Greene (New York-Investment Funds) and associates Nina Garnham (London-Investment Funds) and Catherine Sum (New York-Investment Funds) provided Investment Company Act advice, and counsel Sharon Lippett (New York-Executive Compensation & Employee Benefits) provided ERISA advice.