Saturday 10 December 2016

IRES snap up 89 Dublin apartments in €18.3m deal

Published 23/08/2016 | 07:17

David Ehrlich, chief executive of IRES Reit
David Ehrlich, chief executive of IRES Reit

Irish property investment firm IRES has snapped up 89 apartments along with 145 car parking spaces in a €18.3m deal.

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The deal brings the total number of apartments under IRES control up to 2,377 in Ireland.

The new apartments are based at Coldcut Park in Clondalkin, Dublin 22 and are currently 99pc occupied with an annual passing rent of €1.4m. IRES said the investment will give a gross yield of around 7.7pc based on the purchase price.

The 89 residences are broken up into 18 1-beds, 22 2-beds, 32 3-beds and 17 4-beds with a number of 3 and 4 bed own-door duplex units.

IRES chief executive David Ehrlich said the deal 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," he said.

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