Irish Residential Properties REIT (IRPR) plans to float on the Dublin stock exchange, becoming the third such real estate investment trust to launch in the last year as the country's property market stabilises.
IRPR, with a portfolio of 338 residential units in the greater Dublin area valued at €45.5m, aims to raise €200m in the listing, it said in a statement today.
The company would follow the listings last year of Green REIT and Hibernia REIT on the Irish market after the Government made changes to permit the establishment of REITS, which allow investors to own property via a company rather than being direct landlords.
Irish property prices are rising again, after plunging by around 50% when a credit-fuelled property bubble burst in 2007.
"We are delighted to be launching Irish Residential Properties REIT plc which we believe will be the first Irish REIT investing primarily in multi-unit residential properties," commented the company's chief executive David Ehrlich.
He said the company intends to continue building a strong Irish team and to develop a "professionally managed long term apartment sector".