Irish Residential Properties REIT floats on Dublin market

Irish Residential Properties REIT, which is owned by a Canadian property company, began trading today on the Dublin market.

The REIT, which was admitted to the Main Securities Market (MSM), raised approximately €200 million from Irish and international investors on joining the market.

The firm, which is a subsidiary of Toronto-based Canadian Apartment Properties Real Estate Investment Trust, follows Hibernia REIT and Green REIT onto the Irish Stock Exchange (ISE), but unlike those two trusts, its investment strategy concentrates mostly on residential apartment blocks.

It has an initial portfolio of 338 residential units across four properties in the greater Dublin area.

Its plan is to acquire, hold and manage investments primarily focused on multi-unit residential real estate located in the Republic and Northern Ireland as well as holding strategically located commercial property for third party rental.

Chief executive of the ISE, Deirdre Somers: "This is the second listing on the ISE's equity markets in 2014 and the third successful REIT to have its initial public offering on the Irish market."

David Ehrlich, chief executive of Irish Residential Properties REIT, said: "Our flotation on the ISE has enabled us to raise €200 million in international capital."