Irish Residential Properties REIT (Ires), the country's largest private residential landlord, has received a non-binding acquisition proposal from global investment manager Barings, valuing the company's issued share capital at approximately €726.7 million.

The proposal from Barings, acting on behalf of its controlled investment funds, offers €1.385 per share in cash. This represents a premium of approximately 21.5% to the closing price of Ires shares on the business day prior to the announcement, and a premium of 20.4% to the volume-weighted average price over the preceding 30 days.

Ires, which owns and manages thousands of apartments and homes across Ireland, confirmed it has entered into discussions with Barings to explore the potential transaction. The board of Ires stated that it is evaluating the proposal alongside its financial and legal advisers to determine if it is in the best interests of shareholders.

The company noted that there is no certainty that any formal offer will be made, nor as to the terms on which any offer might be made. Under Irish takeover rules, Barings must clarify its intentions by a specified deadline, either announcing a firm intention to make an offer or stating that it does not intend to make an offer.

This development follows a period of strategic review for Ires, which has faced pressure from activist shareholders in recent months regarding its corporate strategy, share price performance, and governance. The potential acquisition by a major international asset manager like Barings highlights continued institutional interest in the Irish residential property market despite broader macroeconomic challenges.