Irish Residential Properties REIT (IRES) has agreed to acquire 89 apartments with 145 car parking spaces in Dublin for €18.3 mln.
The assets are located at Coldcut Park on Coldcut Road, Clondalkin, Dublin 22. The new portfolio at Coldcut Park is 99% occupied and has annualised passing rents of €1.4 mln generating a gross yield of 7.7%. The 89 apartments comprise 18 1-bed, 22 2-bed, 32 3-bed and 17 4-bed apartments including a number of 3- and 4-bed own-door duplex units.
The transaction is expected to complete before the end of August, giving IRES 2,377 apartments under professional management in Ireland.
