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.

Irish Residential Properties (I-RES) REIT invested €317m in the six months to the end of last year and looks well-positioned to take advantage of a changing rental market in 2015.

The Irish Residential Properties (I-RES) REIT has agreed a deal that will provide it with an additional €150m in acquisition funding which is to be used for expanding its portfolio of high-quality properties.

Irish Residential Property REIT has raised €200 million in a stockmarket listing, meeting its target as it became the third such real estate investment trust to launch in Ireland in the last year.