Sunday 19 January 2020

IRES revenue rises to €17.9m as rental margin falls

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

Michael Cogley

Revenue at Irish property investment firm IRES increased to €17.9m in the first six months of the year, up 59.8pc on the same period last year.

The firm's rental income margin during the period fell to 78.4pc down from 80.6pc, while the overall occupancy rate dipped to 98.3pc.

In January the company signed a new five-year revolving and accordion credit facility of up to €250m.

During the first half of the year IRES also completed the acquisition of 674 apartments for a total cost of €153.6m while also beginning construction on 68 apartments at Beacon South Quarter in Sandyford.

The firm was positive on its outlook, citing strong market demand and a supply shortage, both supplementing the rental market.

IRES chief executive David Ehrlich was pleased with trading in the opening half of the year.

"We continue to grow our bottom line and expect growing and secure dividends going forward, derived from professional management and the quality of the portfolio.

"Many investors have commented that the portfolio is the best they have seen anywhere. We are also excited about our development opportunities. All of this bodes well for the continued growth of IRES.”

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