The country's largest private residential landlord, Irish Residential Properties REIT, said its chief executive Margaret Sweeney intends to retire from her role as CEO and executive director in April next year.
Ms Sweeney has been in the position for the last six years and has agreed to continue with the business beyond her six months' notice period if necessary, to ensure an orderly transition to her successor.
In a trading update for the third quarter, Irish Residential Properties REIT also said that it continues to see strong occupancy across the portfolio, which stood at 99.6% as at the end of September.
This compares to a rate of 99.5% at the end of June.
It also said it has successfully executed its planned asset disposal programme, well ahead of expected timeframe, adding that it delivered about €96.5m of the previously announced €100m target.
The company said that proceeds of the programme will be deployed in-line with capital allocation policy, strengthening the balance sheet, while maintaining the earnings profile, by retiring its higher cost debt under the revolving credit facility.
Irish Residential Properties REIT also said that it remains focused on delivering on its value maximising portfolio management and disciplined capital allocation strategy.
It will continue to review opportunities to selectively dispose of assets where value for shareholders can be delivered, it added.
I-RES CEO Margaret Sweeney said the company has transformed over the last two years, in particular, becoming a fully integrated Irish company led by an experienced team with a market leading operating platform.
"Having served for six years as CEO, I believe that now is the right time to retire and support the transition to new leadership in 2024," she said.
Declan Moylan, Chair of I-RES, said that under Margaret's leadership, I-RES delivered a significant transformation in scale, growing its portfolio by over 60% to about 4,000 units, put in place new long-term funding structures and significantly strengthened the balance sheet.
"More recently, she led the successful internationalisation of the business, built I-RES’ operating platform including the successful implementation of a new technology platform and integrated the business on acquisition of the management company in 2022," Mr Moylan said.
"I-RES continues to perform strongly as is clear from today’s trading update and Margaret leaves the business well positioned for the future," he added.
Shares in the company moved higher in Dublin trade today.
