Business Irish

Sunday 23 October 2016

Ires Reit agrees to buy 442 apartments from Nama

Published 16/12/2015 | 09:15

Beacon South Quarter
Beacon South Quarter

Ires Reit has agreed to buy 442 apartments at Tallaght Cross West for €83m from Nama.

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The apartments were built by developer Liam Carroll.  Ires Reit expects the block to generate a gross yield of around 8.4pc.

The company also said it had completed a deal for 42 apartments at Bessboro, Terenure Road West, Dublin 6, for €12.2m, and eight apartments at Beacon South Quarter in Sandyford, Dublin 18, for €2.24m.

"These acquisitions represent an excellent opportunity for Ires to expand its portfolio in strong locations within the Dublin market. The Tallaght Cross West acquisition offers an unrivalled opportunity to acquire 442 essentially brand new apartments in a high quality development having been recently completed by the vendor," Ires chief executive David Ehrlich said.

"The Bessboro scheme offers Ires 100pc control of a quality development in a very strong south Dublin suburban location with significant upside potential with active management whilst the Beacon South Quarter acquisition adds to the significant number of apartments already owned in this impressive and successful mixed-use location."

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