Norton Rose Fulbright has advised Investec Bank plc and TD Securities Inc. as joint bookrunners in relation to the €200 million initial public offering of Irish residential property investment company, Irish Residential Properties REIT plc (IRES REIT), and its admission to trading on the regulated market for listed securities of the Irish Stock Exchange. Investec Bank plc, acting through its Irish Branch, was sponsor.

IRES REIT is the first residential focused Irish REIT and only the third Irish REIT since the regime was established last year. It is intended that, subject to regulatory approval, CR Fund Management Limited, an indirect wholly owned subsidiary of Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), will be the investment manager of the Company.

The offer was made by way of institutional placing in the UK, Ireland, Canada and in the US. Additionally, CAPREIT, through an indirect subscription, Franklin Templeton, acting as investment manager on behalf of certain funds and accounts, Irish Life Assurance Company plc, and funds managed by Fir Tree Partners each subscribed for ordinary shares.

The cross-border Norton Rose Fulbright team advising on this transaction was led by Mark Lloyd Williams and Tom Vita in London supported by Sarah McKellar, Amy Reed, Brian Butterwick, Malgorzata Zietara, Nick Papadopoulos and Ed Denny (tax). In New York, Michael Flamenbaum and Sheldon Elefant provided US tax advice.

Tom Vita, US securities partner comments:

“This deal taken together with the recent Green REIT secondary demonstrates that there is considerable demand for listed Irish real estate opportunities and we are pleased to have continued our involvement in this activity.”

Norton Rose Fulbright has acted on a number of major IPOs including Crest Nicholson on its £553 million IPO, for the joint bookrunners in Green REIT plc on its €310 million IPO and €399 follow on offer, Starwood on its £228 million real estate debt fund and for the joint bookrunners in Redefine’s £127m secondary offering. The practice also has significant REIT experience including acting for ING Real Estate on the first takeover of a REIT by a non-REIT and acting for Workspace Group on its conversion to REIT status, and on its £80m rights issue - the first rights issue by a UK REIT.

McCann FitzGerald and Torys advised Investec Bank plc and TD Securities Inc. on Irish law aspects and Candian law aspects, respectively. Mason Hayes and Curran, Shearman and Sterling and Stikeman Elliott advised IRES REIT.