Monday 26 September 2016

Almost 100 Dublin apartments bought for just under €20m

Published 08/06/2015 | 07:41

Marker Residences, Dublin
Marker Residences, Dublin

Irish Residential Properties REIT (IRES) has completed the acquisition of almost 100 apartments and a crèche building in Dublin for just under €20m.

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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."

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