Latest news with #EddieByrne
Irish Times
11 hours ago
- Business
- Irish Times
Former Ires activist Vision to lose one board nominee as it cuts stake below 3%
Ires Reit shareholder Vision Capital, which secured board seats for two nominees last year to resolve a standoff with the company, is on track to see one of those representatives step down after it reduced its holding in the business below 3 per cent. Toronto-based Vision, led by Jeff Olin, started a year-long campaign in April 2023 for a sale or break-up of Ireland's largest private apartments owner . It reached a truce 14 months ago that resulted in two candidates it put forward joining the Dublin-listed company's board. Vision owned about 5 per cent of the stock at the time. The two directors were one-time chief operating officer of Canada's CIBC Bank Richard Nesbitt and Amy Freedman, an investment banker turned corporate consultant. They were part of a unanimous board conclusion last August, following a strategic review, that a sale or break-up of the company would not be in investors' best interests. Vision subsequently cut its stake in Ires, which is led by chief executive Eddie Byrne . Last September, its shareholding fell below 4 per cent and it reduced its holding further on Tuesday to 2.96 per cent, according to stock exchange filings. READ MORE The standstill agreement between Ires and Vision last year provides that Ms Freedman would step down from the board if the investment firm's stake were to fall below 3 per cent. Shares in Ires, which has 3,734 residential units in Dublin, have rebounded almost 16 per cent so far this year to €1.05, driven by falling European Central Bank (ECB) interest rates which have boosted investor appetite for property stocks. Still, the stock has pulled back by about 5 per cent from highs reached earlier this month as investors digest the Government's planned reform of rent controls . A planned new nationwide control system – set to fully kick in from March 2026 – would see rent increases for tenancies capped in most cases by inflation or a maximum cap of 2 per cent. However, landlords would be able to reset rents at the going market rate when a tenant leaves. Smaller landlords with three or fewer units will have to offer rolling six-year tenancies, while large ones will not be able to evict a tenant who has complied with their obligations except in very limited circumstances. Rent control for new apartments constructed following enactment of the legislation would be linked to inflation without the 2 per cent cap. This, the Government said, should 'provide certainty, clarity and encourage investment'.
RTÉ News
15-05-2025
- Business
- RTÉ News
Irish Residential Properties REIT's Q1 occupancy levels rise
Irish Residential Properties REIT, Ireland's largest private residential landlord, has today reported occupancy levels of 99.7% for the first quarter of 2025, up from 99.4% in the previous quarter. In a trading update ahead of its AGM today, it said the increase was underpinned by exceptional demand for rental accommodation in Ireland and its "efficient" operating model, and reflected the high quality of its modern portfolio of assets. I-RES REIT said its Net Rental Income margin continued to improve in the first three months of the year compared to the second half of 2024, adding that it continues to implement additional income generating and cost reduction initiatives as identified in its Strategic Review. The company said that disposals under that review initiative continued their strong momentum into 2025, after the completion of 66 unit disposals in 2024. As previously announced at the end of December, it had 13 units in the pipeline for disposal. It said today that all of these disposals have now completed at strong premia to book values, and a further 12 are in the pipeline for disposal in the near term. "We remain confident we will complete the disposal of at least 50 units in 2025, at an average sales premium of between 15% and 20%, having had a strong start to the year delivering premia in excess of this range," it added. Eddie Byrne, CEO of I-RES, said the company was encouraged by the positive momentum of the business. "The execution of our recycling programme is in line with our expected timeframe and will further strengthen our financial position," he said. "The successful completion of the refinancing in the period will bolster our position in the market, delivering additional capital and significantly increased flexibility, positioning us well to play a part in the delivery of much needed new rental accommodation," the CEO said. He also said that consistent with the company's capital allocation strategy and also recognising the current discount between its share price and its Net Asset Value per share, it completed a share buyback programme, returning €5m to shareholders. "We will continue to concentrate on value accretive capital allocation strategies for so long as the share price trades at a steep discount to Net Asset Value," he said. "Furthermore, while we will continue to consider all opportunities to enhance shareholder value, we are confident about the long-term market opportunity which is underpinned by our high-quality portfolio and market leading operating platform," he added.
Irish Times
02-05-2025
- Business
- Irish Times
Ires chief executive favours ‘simple' rent-cap increase under Government review
The chief executive of Ires Reit , the largest private apartments owner in the State, has called for a simple increase to the current rent cap in housing pressure zones, in order to encourage investors and developers back into this area of the housing market. Speaking in an interview with this news organisation, Eddie Byrne, who has led Ires for the past year, said a so-called reference rent system, as proposed by the Housing Commission last year, would be too complicated to set up and further delay a much-needed reboot of private rental sector (PRS) development. A reference rent regime would link rates to local properties of a similar standard. 100 days of Trump: 'It's like The Karate Kid, tax on, tax off, tariffs on, tariffs off' Listen | 42:49 The Department of Housing confirmed that it has received a copy of a report it requested from the Housing Agency on the current rent pressure zones regime in advance of the expiry of legislation underpinning the system at the end of this year. READ MORE Minister for Housing James Browne 'will be considering it before bringing proposals to Government in due course as appropriate', it said in an emailed response to questions. Rent pressure zones were introduced in late 2016 and were designed to cap rent increases in areas where there is high demand for housing and rental homes. An initial annual rent cap of 4 per cent was reduced to 2 per cent, or the rate of inflation, whichever is lower, in mid-2021. [ Has Fingal County Council found a solution to our housing crisis? Opens in new window ] Taoiseach Micheál Martin signalled in February that the current system may be changed, or even removed, as current legislation underpinning it expires at the end of 2025. 'What does a reference-rate system actually mean in practice? I heard the chairman of the Housing Commission [John O'Connor] say recently that it would take two years or more to come up with a system of reference rents,' said Mr Byrne. 'You have reference rent regimes in other parts of Europe, but, as I understand them, they are really, really complicated.' Asked whether he would favour a return of the initial 4 per cent annual limit, he replied: 'What I will say is, when it was at that level, there was investment in apartment building. Of course, interest rates were also lower at the time. But if you consider that pension funds are typically the types of investors that are ultimately behind PRS, an asset generating 4 per cent growth per annum is appealing.' Mr Byrne said that Ires is happy to operate with rent pressure zones. 'But it needs to balance resident and tenant protections with the need to encourage investment. If you don't have that balance – and we don't have it today – you can see what that does to supply,' he said. In recent years, Approved Housing Bodies and the Land Development Agency (LDA) have stepped in to address part of the gap in apartment building. However, they are focused on social and affordable accommodation. [ Top finance official raises risks to public finances from surge in housing body deals Opens in new window ] LDA chief executive John Coleman said in a recent interview with The Irish Times that there had been a 'market failure' as mainly overseas money that had previously flooded into the private rental sector largely evaporated since 2021.
Yahoo
18-03-2025
- Yahoo
NYPD Retirees Restore 1987 Chevy Caprice to Honor Fallen Officer
⚡️ Read the full article on Motorious A group of retired NYPD officers is undertaking an emotional restoration project, bringing a historic 1987 Chevy Caprice police car back to life as a tribute to Officer Eddie Byrne, who was assassinated while sitting in the vehicle 37 years ago. Byrne, just 22 years old, was fatally shot five times in 1988 while guarding the home of a witness in a case against a drug gang in Queens. His murder shocked the city and became a rallying point for law enforcement efforts against organized crime. Now, retired officers Jason Caputo and John Schwartz, alongside other former members of the NYPD and Nassau County Police Department, are working to restore the very car Byrne was killed in. Their goal is to place the fully restored vehicle on display at the NYPD Police Academy as a permanent reminder of the dangers officers face. The project has been years in the making, with bureaucratic delays keeping the officers from starting the restoration until recently. In addition to damage sustained during the 1988 attack, the Caprice has suffered extensive wear over time. It was also submerged during Hurricane Sandy and later survived a fire at the Erie Basin NYPD evidence warehouse. Despite these challenges, the team is determined to bring the car back to its original condition. 'Knowing that an officer at the age of 22 was shot because of his uniform, because of the vehicle he sat in, and the job he was doing—it makes this restoration even more meaningful,' Caputo said. The restoration, expected to cost up to $50,000, will be funded entirely through private donations. The team hopes to complete the project within a year, unveiling it on February 26, the anniversary of Byrne's death. A key feature of the restored car will be a bullet hole still visible in its body, serving as a stark and sobering reminder of the sacrifices made in law enforcement.
Yahoo
07-03-2025
- Yahoo
Retired NYPD officers work to restore car of slain officer Eddie Byrne
The Brief Retired NYPD officers are restoring the patrol car of Officer Eddie Byrne, who was ambushed and killed in 1988 while guarding a witness's home in Queens. The 1987 Chevy Caprice, which had deteriorated due to flooding and fire damage, was recently transported to Long Island for restoration after four years of effort. The group aims to complete the restoration by the next anniversary of Byrne's death and display the car at the NYPD Police Academy as a tribute to his sacrifice. NEW YORK - A group of retired NYPD officers and car enthusiasts are working to restore the patrol car that Officer Eddie Byrne was sitting in when he was assassinated 37 years ago. Byrne, just 22 years old, was ambushed and shot five times while guarding a witness's home in Queens in 1988. The vehicle, a 1987 Chevy Caprice, has deteriorated over the years, but the group has finally received permission to restore it and are hoping to display the car at the NYPD Police Academy as a tribute to Byrne's sacrifice. What we know Officer Eddie Byrne was shot and killed on February 26, 1988, while on duty in Queens. He was sitting in his patrol car, guarding the home of a witness when he was ambushed and fatally shot. Now, retired NYPD and Nassau County police officers, including John Schwartz and Jason Caputo, have taken on the task of restoring Byrne's vehicle to honor his memory. "When he was killed, the word went out that, whenever a cop is killed you just show up," Schwartz said. "Whatever I can do. And that's that's what we did." The car, which has been stored at various NYPD auto pounds, suffered significant damage over the years, including from flooding during Superstorm Sandy and a fire at the Erie Basin NYPD warehouse. After four years of efforts, the retired officers successfully transported the vehicle to Long Island for restoration. They estimate the restoration will cost around $50,000, funded by private donations. What they're saying "Knowing that an officer at the age of 22 was shot because of his uniform, because of the vehicle he sat in, and the job he was doing—it's an emotional thing," said Caputo. What's next The group hopes to complete the restoration within the next year, aiming to unveil the car on the anniversary of Byrne's death on February 26. Once completed, they plan to display it at the NYPD Police Academy to educate and remind future generations of officers about the risks and sacrifices of the job. The Source This article was written using information from FOX 5 staff and crews in the field.
