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NAMA sells off 761 Dublin apartments in deal worth €211m

Almost 800 apartments in Dublin are being sold by NAMA in a huge deal with a Canadian-backed real estate company.

The apartments are in four residential complexes around the city and will make Irish Residential Properties REIT Plc the biggest private landlord in the country.

The homes are 98pc rented already and none of the tenants will be affected by the sale.

The apartments being sold include 235 apartments on 40 acres in Charlestown in Finglas; 224 apartments in 11 blocks at Lansdowne Gate in Drimnagh; 217 apartments in Beacon South Quarter in Sandyford; and 85 apartments in Baker's Yard in the city centre.

The company is paying €211m to NAMA in the deal which will be completed in October. The company has already purchased several hundred apartments in Dublin and its portfolio will now grow to 1,202 apartments.

The company, quoted on the Irish Stock Exchange, is sponsored by Canadian company CARREIT which owns and rents more than 40,000 apartments in Canada.

Chief executive David Ehrlich said Irish Residential Properties REIT expects to build more apartments in Ireland.

LETTING

"All of our properties acquired to date are located in Dublin, in good letting locations, and with the benefit of proximity to public transport infrastructure and nearby employment."

The deal includes 3,180 square metres of commercial space acquired in two of the properties.

The newly-purchased properties are producing residential rents of €10.6m and commercial rents of €0.3m.

These assets comprise the so-called "Orange" portfolio, which is the first residential portfolio brought to the market by NAMA.

Real estate investment trusts (Reits) are tax-efficient vehicles used to raise cash on the stock market to buy property.

Since the first Irish Reit hit the market last year more than €1bn has been raised from investors, mainly outside Ireland, to buy assets here.

Meanwhile, Allsop Space will hold a September 16 auction which will see up to 261 properties go under the hammer at the RDS in Dublin.

aokeeffe@herald.ie


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