IRES to acquire major property portfolio

Irish Residential Properties REIT (IRES) has announced that it has approved the acquisition of a €285m (approximately £254m) property portfolio from Bryant Park QIAIF ICAV.

The XVI Portfolio comprises 815 residential units across 16 developments, 15 of which are located in Dublin, with one in Cork (50 residential units).

The residential units in the portfolio consist of 138 one-bedroom, 599 two-bedroom, 77 three-bedroom and one four-bedroom apartment and duplex units.

The portfolio currently generates an annualised gross rental income of €14.2m (approximately £12.7m).

Margaret Sweeney, chief executive officer at IRES said: “The acquisition of the XVI Portfolio presents an unrivalled and highly attractive opportunity to invest in a diversified residential portfolio of scale which is immediately income producing.

“The location and quality of the assets complement the existing IRES portfolio remarkably well and offer operational synergies in many locations, while also opening up new areas of Dublin city where IRES has been seeking representation.”

IRES has also increased its revolving credit facility from €450m (approximately £401m) to €600m (approximately £535m).

It is intended that the funds from the credit facility will be utilised for the acquisition.

Margaret added: “The acquisition underlines the company’s strategy for growth and its long-term commitment to the Irish market and will, on completion, bring the IRES residential unit count to 3,568 residential units with a further 316 residential units due for delivery between now and 2021 under pre-purchase contracts.”

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