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acquisition Ireland’s largest private landlord to buy 152 Clontarf apartments for €66m

The apartments are located at Ashbrook, in the affluent residential suburb of Clontarf, around 5kms from Dublin city centre

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Margaret Sweeney, CEO of Ires

Margaret Sweeney, CEO of Ires

Margaret Sweeney, CEO of Ires

Ires Reit, Ireland’s largest private landlord, is buying 152 apartments for approximately €66m.

The apartments, which will be purchased in two phases, are located at Ashbrook, in the affluent residential suburb of Clontarf, around 5kms from Dublin city centre.

The acquisition is made up of 108 completed apartments, developed in the early 1990's, which includes a mix of 39 one-bed and 66 two-bed homes.

In addition, there are three three-bed units in the development, according to a statement from Ires.

Just over 90pc of these apartments are currently occupied, and Ires said it expects all the units will be leased in first three months of this year.

As part of the transactions, Ires has committed to buy a further 44 apartments under a forward purchase contract on an adjoining development site.

This development includes 11 studio apartments and eight one-bed units. In addition, there will be 25 two-bed apartments in the development.

A contractor has been appointed by the vendor and delivery of completed apartments to Ires is expected in the second half of next year.

"This acquisition presents the opportunity for Ires to invest in an attractive residential property as well as adding further supply of new apartments, in the much sought-after residential location of Clontarf,” Margaret Sweeney, CEO of Ires, said.

“The property and development site are located close to a host of employment, amenity and transport routes as well as being a short commute to the city centre. This accretive investment is in line with our growth strategy and complements the overall Ires residential portfolio."

The acquisition will be funded from the company's existing credit facilities.

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Both properties are in a Rent Pressure Zone and rents are subject to rent regulations, Ires said.

Based on current annualised passing rents on the existing leased residential units and the lease up of the vacant units and units to be built, the asset is expected to generate a gross yield of 4.93pc, according to the Dublin-listed landlord.

Ires currently owns 3,829 apartments and houses for private rental in Dublin and Cork, with an additional 69 units due for delivery at the end of the first half of 2022 under pre-purchase contracts.

The company has a further 61 units currently under construction directly on owned sites, with planning approval to develop an additional 543 homes on its existing sites.

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