Ires Reit sells 151 apartment portfolio to Orange Capital for €48m

The State's largest landlord Ires Reit has disposed of a portfolio consisting of 151 apartments in Dublin for €48 million.

Ires said the price achieved was in excess of the original cost and 6 per cent ahead of a valuation carried out in December. The apartments were across 10 properties, including the IFSC, Sandyford, Tallaght and Dublin 8, as well as three small commercial units.

The purchaser was a fund managed by Orange Capital Partners, an international investment manager.

Ires also said that 81 out of 95 apartments it took delivery of at Pipers Court in Hansfield Wood earlier this year are now leased and income producing. Letting agreements are in place for a further 10 apartments.

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The company now owns 194 apartments overall at Hansfield Wood, with its investment at the site totalling €31.1 million.

"The lease-up of the new development at Pipers Court in Hansfield has progressed well with strong interest for this well-located block. This is indicative of the undersupply of well-located, good quality professionally managed rental stock in Dublin," said Margaret Sweeney, Ires's chief executive.

Dublin-listed Ires currently owns 3,683 apartments and houses for private rental in Dublin and Cork, with an additional 69 units due for delivery between now and the end of the first quarter of 2022 under pre-purchase contracts.

Ires also has a further 66 units currently under construction directly on owned sites with planning approval to develop an additional 543 residential units on its existing sites.