IRES completes purchase of Dublin assets for €60m

Irish Residential Properties REIT has completed the acquisition of 146 residential units located in The Phoenix Park Racecourse, Castleknock, Dublin 15 from Flynn & O'Flaherty Construction for a total purchase price of €60 mln.

The units include a mix of apartments, duplex units, penthouses and houses, with 120 built between 2002-2007 and the remainder having been completed mid-2020.

137 of the residential units are currently leased and income producing, with the remaining nine units available for immediate lease-up, after which the deal is expected to generate an initial gross yield of 5.3%.

‘This acquisition, which is in line with our strategy of investing in the supply of new homes in the Irish market, brings the IRES portfolio to a total of 3,834 units,’ said Margaret Sweeney, the company's Chief Executive Officer.


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