Ires receives €726.7m proposal from Barings International

Ireland’s largest private-sector residential landlord , Ires Reit , said it has received an offer of €1.386-a-share from UK investment firm Barings Investment, which would value the business at €726.9 million.

The Dublin -listed apartment owner said the proposal is the fifth that Barings has made since early August. It marks a 30.7 per cent premium to Ires’s closing price on Friday and is broadly in line with its reported net tangible asset value per share as of the end of June.

Ires, led by chief executive Eddie Byrne , said its board “would be minded to recommend” a deal if a formal offer were to emerge by a deadline set for November 9th set by the Irish Takeover Panel .

Shares in the company, which has more than 3,600 rental homes, jumped 20.2 per cent to €1.274 in Dublin.