Global law firm Ashurst Perkins Coie has advised Bank of America Securities on the recommended cash offer by Ireland Residential Holdings Limited (BidCo) for Irish Residential Properties REIT plc (I-RES). The total transaction value values the entire issued and to be issued share capital of I-RES at approximately €731 million, on a fully diluted basis.
BidCo is a private limited company wholly owned by funds and accounts managed or advised by Barings. The ultimate controlling interests in BidCo are held by Massachusetts Mutual Life Insurance Company. The Barings group is a $502 billion global alternative asset manager that partners with institutional, insurance and wealth clients and supports leading businesses with flexible financing solutions.
I-RES is a Real Estate Investment Trust providing quality professionally managed homes in sustainable communities in Ireland.
I-RES aims to be the provider of choice for the Irish living sector, known for excellent service and for operating responsibly minimising its environmental impact and maximising its contribution to the community. I-RES's shares are listed on the regulated market of Euronext Dublin.
The Ashurst Perkins Coie team was led by corporate partner Tom Mercer, together with finance partner Darren Phelan, supported by senior associates Colin Bugler and Greg Scott and associates Patrick Chambers, Candice Chan and Elisa Raiteri.
David Mangan is leading the team at Hayes solicitors LLP advising Bank of America Securities on matters of Irish law.
