Tuesday 23 July 2019

Ireland’s biggest private landlord spends €285m on over 800 homes

Ires Reit CEO Margaret Sweeney
Ires Reit CEO Margaret Sweeney
Ellie Donnelly

Ellie Donnelly

Ires Reit, Ireland’s biggest private landlord, is purchasing 815 homes for €285m.

The homes, spread across 16 developments, are being acquired from Bryant Park, acting for MAV I Fund.

Almost all of the developments, which collectively are know as the ‘XVI Portfolio’, are located in Dublin, with one located in Cork.

The portfolio in Dublin includes 142 homes in Santry, 101 at Beechwood Court, Stillorgan, and 128 located at Northern Cross, Malahide Road.

Meanwhile, the 50 homes purchased in Cork are located at Harty's Quay, on the Rochestown Road.

The portfolio comprises of a mix of 138 one-bedroom (17pc of the portfolio), 599 two-bedroom (73pc), 77 three-bedroom (10pc) and 1 four-bedroom apartment and duplex units.

Almost all of the homes are currently being leased to tenants.

Dublin-listed Ires Reit has also announces that, it is extending its revolving credit facility to €600m from €450m.

In addition it is raising around €137m in a share sale. The funds will be used to purchase the homes.

Margaret Sweeney, chief executive of Ires, said: "The acquisition of the XVI Portfolio presents an unrivaled and highly attractive opportunity to invest in a diversified residential portfolio of scale which is immediately income producing.”

“The location and quality of the assets complement the existing Ires portfolio remarkably well and offer operational synergies in many locations, whilst also opening up new areas of Dublin city where Ires has been seeking representation.”

Once completed, the deal will bring the Ires residential homes count to 3,568, with a further 316 residential units due for delivery between now and 2021 under pre-purchase contracts.

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