I-RES snaps up Dublin apartments in €19.4m deal

Property investment company Irish Residential Properties Reit has announced an agreement to buy 92 residential apartments for €19.45m in a move that further strengthens its grip on the market in the capital.

I-RES has struck a deal with Tetrarch Capital to acquire the residential suites across four blocks of apartments at Tyrone Court in Inchicore, Co Dublin.

Commenting on the acquisition, I-RES chief executive David Ehrlich said the deal would strengthen its hand in a market close to its existing portfolio. “We look forward to completing this accretive acquisition shortly.

“Tyrone Court is situated near Camac Crescent, one of the company’s initial properties, and will enhance the company’s presence in the Inchicore and rental market.”

The purchase will be funded by the company’s €60m credit facility and is expected to be completed by early next month.

The portfolio currently has passing residential rents of approximately €1.5m at 100% occupancy, generating a gross yield of 7.5%.

Last month, I-RES finalised the acquisition of a property and development land portfolio in Sandyford.

The €90.6m Rockbrook portfolio of properties includes 270 apartments; 50,000 sq ft of mixed use commercial space, and a development site with planning for more than 460 apartments.

Prior to that the company had invested almost €320m in the latter half of 2014.

In November 2014, it agreed a deal to provide it with an additional €150m in acquisition funding.The deal was struck with Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) to make a “pipeline facility” available to the Irish REIT.