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 team below included counsel Sharon Lippett; associates Andy Zwecker, Richard Porter, Gabriel Ng, Alice Townes, Nina Garnham and Catherine Sum; and former secondee Peter Skaaring.