Ires Reit to acquire 89 apartments in Dublin for €18.3m

Irish Residential Properties Reit is to acquire 89 apartments and 145 car parking spaces at Coldcut Park in Dublin’s Clondalkin for €18.3 million.

The apartments are 99 per cent occupied and currently generate €1.4 million a year in rent. The 89 apartments comprise 18 one-bed, 22 two-bed, 32 three-bed and 17 four-bed apartments.

With a portfolio of more than 2,000 apartments and a reach right across the city of Dublin, Ires Reit is the largest non-Government landlord in Ireland.

Ires Reit chief executive David Ehrlich said the acquisition of the apartments at Coldcut Park was a nice addition to the company's portfolio.

“Coldcut Park is situated in close proximity to other properties in our portfolio, including Tyrone Court and Tallaght Cross West, so that it fits well from a property-management standpoint. On closing, this will bring our total number of apartments to 2,377.”

Capreit

Listed on the Irish Stock Exchange, Ires is backed by Canadian property investment group Capreit, with 30 employees in Dublin managing its portfolio.

Ires Reit launched in 2014, and has built up a portfolio of apartments across Dublin, with an annual rent roll of about €40 million.

Its portfolio stretches from Priorsgate in Tallaght where it owns 102 out of 198 apartments in the complex, to the Marker on Dublin’s docklands, where it owns 84 out of 105 apartments, and South Central, Rockbrook in Sandyford, south Dublin, where it owns 189 out of 224 apartments.

In the six months to June 30th, the group acquired 674 apartments for a total cost of €153.6 million (including VAT and other transaction costs).