Merrill Lynch International, acting as a connected exempt principal trader, has filed a Form 38.5(a) dealing disclosure under the Irish Takeover Panel Act 1997 in relation to Irish Residential Properties REIT PLC (0QT8), the Dublin-based residential property investment trust. The disclosure, dated 10 November 2026 and covering dealings undertaken on 9 November 2026, reveals significant activity in the REIT's €0.10 ordinary shares across both outright equity transactions and cash-settled equity swap derivatives. Merrill Lynch International is identified as connected to Baring International Investment Limited, the offeror party in the ongoing offer process. Investors monitoring the takeover situation may note the scale and variety of positions disclosed.

Key Points

  • Irish Residential Properties REIT PLC (0QT8) is the offeree named in this Irish Takeover Panel dealing disclosure
  • Merrill Lynch International purchased 4,325,507 ordinary shares and sold 178,653 ordinary shares on 9 November 2026
  • Share purchases were executed at prices ranging from €1.280 to €1.370; sales ranged from €1.294 to €1.370
  • Investors should watch for further Rule 38 disclosures as the offer process involving Baring International Investment Limited continues

Merrill Lynch International's Equity Purchases and Sales in Irish Residential Properties REIT on 9 November 2026

The disclosure confirms that Merrill Lynch International purchased a total of 4,325,507 €0.10 ordinary shares in Irish Residential Properties REIT PLC, with the highest price paid per unit reaching €1.370 and the lowest recorded at €1.280. On the same date, the firm sold 178,653 ordinary shares at prices between €1.294 and €1.370 per unit. These transactions were carried out in a client-serving capacity, consistent with the firm's status as a recognised intermediary and exempt principal trader under the Irish Takeover Rules 2022. The announcement does not disclose the aggregate transaction value for these dealings.

Equity Swap Derivative Activity Across Multiple Short Position Transactions

Beyond direct share dealings, the Form 38.5(a) filing details an extensive series of cash-settled equity swap transactions referencing Irish Residential Properties REIT's ordinary shares. These included the opening of two new short positions covering 1,318,200 and 3,936 reference securities respectively, alongside multiple transactions increasing or reducing existing short positions. The number of reference securities across these derivative dealings ranged from 549 to 304,682 per transaction, with unit prices varying between approximately €1.280 and €1.367. These derivative positions, the announcement states, were undertaken on 9 November 2026 in Merrill Lynch International's capacity as an exempt principal trader.

Connection to Baring International Investment Limited and Takeover Panel Obligations

The disclosure identifies Baring International Investment Limited as the party to the offer with which Merrill Lynch International is connected, making this filing a mandatory regulatory requirement under Rule 38.5(a) of the Irish Takeover Panel Act 1997 Takeover Rules 2022. The form confirms no indemnity arrangements, options, or agreements relating to voting rights or future acquisition or disposal of relevant securities were in place beyond those disclosed. The filing was prepared by contact Kamil Dziedzic and submitted to a Regulatory Information Service on 10 November 2026, as required under Rule 38 of the Rules.