IRES Completes Purchase of 146 Residential Units

RNS Number : 1058N

Irish Residential Prop REIT PLC

28 January 2021

 

28 January 2021

I•RES Completes Purchase of 146 Residential Units for €60 million

Irish Residential Properties REIT plc ("I•RES" or the "Company") announces that, further to its announcement on 14 December 2020, the company has successfully completed the acquisition of 146 residential units located in The Phoenix Park Racecourse, Castleknock, Dublin 15 from Flynn & O'Flaherty Construction (the "Vendor") for a total purchase price of €60 million (including VAT but excluding other transaction costs).

The residential units acquired by the Company include a mix of apartments, duplex units, penthouses and houses (20 x 1 bed, 113 x 2 bed and 13 x 3 bed). The units are of a high-specification, with 120 of the residential units built between 2002-2007. The remaining 26 residential units are newly built having been completed mid-2020 in a self-contained block overlooking the Phoenix Park.

137 of the residential units are currently leased and income producing, with the remaining 9 residential units available for immediate lease-up. Based on current annualized passing rents on the 137 residential units and the lease up of the remaining 9 residential units, the asset is expected to generate an initial gross yield of 5.3%.

Margaret Sweeney, the Company's Chief Executive Officer commented:

"We are very pleased to have completed the acquisition of this well managed property, in a much sought-after residential location beside the Phoenix Park. The scheme is ideally located close to a host of employment, amenity and transport routes as well as being a short commute to the city centre. This acqusition, which is in line with our strategy of investing in the supply of new homes in the Irish market,  brings the I•RES portfolio to a total of 3,834 units."

For further information please contact: Irish Residential Properties REIT plc

Sarah Stokes, Investor Relations

Tel: [phone]

Margaret Sweeney, Chief Executive Officer 

Tel: [phone]

For Media Requests: Q4PR

Gerry O'Sullivan

Tel: + 353 (0) 87 2597644

 

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc (together with IRES Residential Properties Limited, the "Group") 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 3,834 apartments and houses for private rental in Dublin and Cork with an additional 69 units due for delivery between now and the end of H1 2022 under pre-purchase contracts. The Company has a further 61 units currently under construction directly on owned sites with planning approval to develop an additional 543 residential units on its existing sites. 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.

Note on forward-looking information

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. Except as required by law or by any appropriate regulatory authority, the Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise including in respect of the Covid-19 pandemic, the uncertainty of its duration and impact, and any government regulations or legislation related to it.

 

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