Almost 100 Dublin apartments bought for just under €20m
Irish Residential Properties REIT (IRES) has completed the acquisition of almost 100 apartments and a crèche building in Dublin for just under €20m.
The €19.45m buy of Tyrone Court in Inchicore, Dublin 8 from Tetrarch Capital was funded by the company's €60m credit facility.
Located over four blocks, the portfolio is made up of four 3-bedroom duplex units, three 3-bed, 62 2-bed, and 23 1-bed units.
The portfolio currently has passing residential rents of around €1.5m and is fully occupied, generating a gross yield of approximately 7.5pc.
IRES also bought the Marker Residences apartments in Dublin’s docklands last June for €50.1m
David Ehrlich, the Company's Chief Executive Officer said: "We are delighted to add this newly finished property to our portfolio, strategically located near our Camac Crescent property. It is nicely accretive to our portfolio yield with upside potential."