Friday 18 October 2019

Profit at Ireland's biggest private landlord jumps to €120m

Ires Reit has 225 apartments at Beacon South Quarter
Ires Reit has 225 apartments at Beacon South Quarter
Ellie Donnelly

Ellie Donnelly

Ireland's biggest private landlord, Ires Reit, has reported profit of €119.8m for 2018.

This is a considerable increase on the profit of €65m reported for 2017.

The performance was helped by an increase in net rental income of 13.5pc to €41.2m in 2018, according to results from the group.

In addition, the group reported a 12.6pc increase in the fair value of investment properties, to €832m from €739m.

Ires Reit reported an 11.7pc increase EPRA earnings – a measure of the underlying operating performance of an investment property company – to €27.8m.

EPRA net asset value per share was up 19.8pc to 142.0 cents.

At year-end 2018 Ires Reit had 2,679 residential units, an increase on the 2,450 units it had in 2017. Occupancy rate was unchanged at 99.8pc.

"The prospects for growth in the Irish market remain good resulting in a combination of attractive yields and rental growth," Margaret Sweeney, CEO of Ires Reit, said.

"Looking forward, the structural drivers of demand for private rental residential accommodation (population growth, strong inward investment and economic growth and urbanisation) are likely to underpin demand for some time to come."

Earlier this week, Ires Reit paid close to €14m for 52 apartments at the Coast, in Baldoyle, Dublin 13.

The deal brings the overall Ires portfolio to 2,895 units. The figure includes 164 pre-purchase units, which are due for completion by 2021.

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