Shares in Ireland’s biggest private landlord rose more than 4% on Monday morning
Ires Reit’s shares soared to their highest level in eight months after Taoiseach Micheál Martin signalled over the weekend that the rent cap system may be changed, or even removed, this year.
Mr Martin said in an RTÉ Radio 1 interview on Sunday that the Government would explore an alternative to rent pressure zones by the end of the year when they are due to expire – which would protect renters but “also enables people to have a clear, stable environment in which to invest”. Fred Cooke: ‘Once when I was hungover, I accidentally put €50 in the basket at Mass, thinking it was €10. You live and learn’Analysts say that the rent cap has contributed – along with a surge in interest rates – to the underperformance of Ires’s shares in recent years. The shares are trading at a deep discount to Ires’s latest stated net asset value of €1.26, as of the end of last June.
The long-standing weak share price performance led to a Canadian activist shareholder, Vision Capital, starting a campaign almost two years ago to get Ires to break itself or put itself up for sale.
Rent-Pressure-Zones Renting Micheal-Martin
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