Board Changes

6 March 2023

Board Changes

Appointment of Ms Denise Turner as a Non-Executive Director and Ms Joan Garahy as Senior Independent Director

Dublin | 6 March 2023: Irish Residential Properties REIT plc (“I-RES” or the “Company”), Ireland’s largest provider of private rental accommodation with a portfolio of 3,937 homes, is pleased to announce the appointment of Ms Denise Turner as an Independent Non-Executive Director of the Company. Ms Turner’s appointment follows a formal selection process conducted by the Nomination Committee and using external consultants and will take effect from the conclusion of the Company’s AGM on 4 May 2023 (the “2023 AGM”) subject to approval at that meeting of her election as a director of the Company.

The Company is also pleased to announce that Ms Joan Garahy is to assume the role of Senior Independent Director. As announced in October 2022, Mr Aidan O’Hogan will retire from the board of directors (the “Board”) upon the conclusion of the 2023 AGM. Ms Garahy, a current Independent Non-Executive Director who joined the Board in 2017, will replace Mr O’Hogan as Senior Independent Director upon his retirement (subject to approval of her re-election to the Board at the 2023 AGM).

Declan Moylan, Chairman of I-RES, commented: "I am delighted to welcome Denise to the Board and to announce Joan Garahy as our next Senior Independent Director. Denise will bring a wealth of real estate experience, which will complement the wider European and listed real estate expertise of our current Board members.  Joan’s in-depth knowledge and understanding of our business, combined with her significant experience advising on and managing investment funds and sitting on the Boards of publicly listed companies, will be a great asset to the Board in her new role as Senior Independent Director. This latest Board refreshment will assist in ensuring that we continue to deliver value for all our stakeholders.”

Denise Turner biography

Ms Turner is an experienced property professional with deep industry expertise, bringing extensive experience across property acquisition, investments, valuations, rent reviews and asset sales. Ms Turner is currently the Head of Asset Management Ireland at Kanam Grund REAM, a privately managed, German based real estate investment specialist with current assets under management in excess of €6 billion.  Prior to this, Ms Turner worked with Savills Ireland from 1993 to 2013 starting as a graduate and progressing to become a Director of Savills Commercial (Ireland) Limited in 2002, a role she held until 2012.  Ms Turner is a Member of the Society of Chartered Surveyors in Ireland and a member of the Royal Institution of Chartered Surveyors in the UK.

Joan Garahy biography

Ms Garahy has more than 30 years of experience advising on and managing investment funds. She is currently also a member of the board of directors of ICON plc, where she is Chair of the Compensation & Organisation Committee and a member of the Nominations and Sustainability committee. Ms Garahy is also a member of the Board of IPB Insurance CLG and Chair of the Audit Committee. Ms Garahy is a former member of the board of directors of Kerry Group plc where she held the positions of Senior Independent Director, Chair of the Remuneration Committee, and a member of the Audit Committee.

Regulatory Disclosures:

Ms Turner does not hold and has not held any directorship roles on any other publicly quoted companies

in the past five (5) years.

Ms Turner currently has a beneficial interest in 41,666 shares in I-RES.

I-RES confirms that, save as disclosed herein, there are no other matters requiring disclosure in relation to Rule 6.1.66 (1) to (6) of the Listing Rules of The Irish Stock Exchange plc (trading as Euronext Dublin).

ENDS

For further information please contact:

For Investor Relations:
Irish Residential Properties REIT plc

Michelle Ang, Director Investor Relations   Tel: +353 (0) 87 956 1138 

Margaret Sweeney, Chief Executive Officer    Tel: +353 (0) 1 557 0974

For Media Requests:

Melanie Farrell, FTI Consulting

ires@fticonsulting.com           Tel: +353 (0) 86 401 5250

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc is a growth oriented Real Estate Investment Trust that is focused on acquiring, holding, managing, and developing investments primarily focused on private residential rental accommodations in Ireland. The Group currently owns 3,937 apartments and houses for private rental in Dublin and Cork and has a further 44 units to be delivered in 2023 under a pre-purchase agreement. The Company's shares are listed on Euronext Dublin. Further information in respect of the Company can be obtained from the Company’s website at www.iresreit.ie.