Irish Residential Properties REIT (IRES) has completed the acquisition of a residential complex in Dublin whose development it forward funded four years ago in a deal worth €47.1 mln.
IRES forward purchased the project in 2018 from DHGL, a subsidiary of the Dalata Hotel Group.
The Tara View development, formerly known as Project Merrion, comprises 69 apartments and townhouses and is located next to the Elm Park scheme in the Dublin 4 district, where the company owns 194 apartments.
Based on the projected annualised market rents, the asset is expected to generate a gross yield on cost of 5.6%.
The acquisition brings IRES’ total residential portfolio to 4,067 units.
Margaret Sweeney, CEO of IRES, commented: ‘We are delighted to take delivery of the Tara View development which is an excellent addition to the I-RES portfolio at a time when there is a significant need for new accommodation in Dublin City.
‘The property is in an excellent location close to a host of employment, amenity and transport routes with a short commute to Dublin city centre. The addition of Tara View, along with the acquisition earlier this year of Ashbrook and the delivery of our development at the School Yard, now brings our total portfolio size to in excess of 4,000 homes.’
