Merrill Lynch International, acting as a connected exempt principal trader with recognised intermediary status, has filed a Form 38.5(a) dealing disclosure with the Irish Takeover Panel relating to Irish Residential Properties REIT PLC (ticker: 0QT8), a Dublin-based residential property investment trust. The disclosure covers transactions undertaken on 5 November 2026, submitted the following day in accordance with Rule 38.5(a) of the Irish Takeover Panel Act, 1997 Takeover Rules, 2022. Merrill Lynch International is disclosed as connected to Baring International Investment Limited, identified as a party to the offer. Investors monitoring the ongoing offer process may note the breadth of activity reported across multiple instrument types in the REIT's €0.10 ordinary shares.

Key Points

  • Irish Residential Properties REIT PLC (0QT8) is the offeree named in the disclosure
  • Merrill Lynch International purchased 402,811 ordinary shares and sold 67,490 ordinary shares on 5 November 2026
  • Purchase prices ranged between €1.290000 and €1.314000 per share; sale prices ranged between €1.294000 and €1.300600 per share
  • Investors should watch for further Rule 38 disclosures as the offer process around Irish Residential Properties REIT continues

Merrill Lynch International's Share Purchases and Sales in Irish Residential Properties REIT on 5 November 2026

The disclosure confirms that Merrill Lynch International, dealing in a client-serving capacity, purchased a total of 402,811 €0.10 ordinary shares in Irish Residential Properties REIT PLC, with the highest price paid reaching €1.314000 per unit and the lowest at €1.290000. On the same date, the firm sold 67,490 ordinary shares, with prices ranging from €1.294000 to €1.300600 per unit. These transactions were conducted in the firm's role as an exempt principal trader, a designation under Irish Takeover Panel rules permitting certain market-making and client-serving activities during an offer period.

Equity Swap Activity Across Multiple Short Positions in the REIT's Ordinary Shares

Beyond direct share transactions, Merrill Lynch International reported extensive cash-settled equity swap activity referencing Irish Residential Properties REIT's €0.10 ordinary shares. The disclosure lists multiple swap transactions involving increases and reductions to short positions, covering reference securities ranging from 119 to 251,692 shares in individual transactions, at prices clustered around €1.298 to €1.300 per unit. The announcement states no indemnity or option arrangements exist between Merrill Lynch International and any party to the offer, and no agreements relating to voting rights or future acquisitions have been entered into in connection with these derivative positions.

Share Borrow Transaction and Connection to Baring International Investment Limited

The filing additionally discloses a borrow transaction of 2,044 ordinary shares at a price of €1.302000 per unit, categorised separately under other dealings. Merrill Lynch International is confirmed as connected to Baring International Investment Limited, identified as a party to the offer for Irish Residential Properties REIT PLC, an Irish-listed REIT focused on residential property ownership and management. The disclosure was filed on 6 November 2026, with contact details provided for Kamil Dziedzic at a Dublin telephone number, consistent with regulatory requirements for public disclosure under Irish Takeover Panel Rule 38.