Irish Residential Properties REIT (Ires) has completed the acquisition of 92 apartments in Dublin for €19.4 mln.
Irish Residential Properties REIT (Ires) has completed the acquisition of 92 apartments in Dublin for €19.4 mln.
The transaction was originally announced by Ireland's sole REIT specialising in residential property on 21 May this year.
The apartments are spread across four residential apartment blocks and a three-storey detached crèche building at Tyrone Court located in Inchicore, Dublin 8.
The purchase price of €19.45 mln, including VAT, but excluding other transaction costs, was funded by the company's €60 mln revolving credit facility.
The portfolio currently has annualised passing residential rents of €1.5 mln and is 100% occupied. The net initial yield for Tyrone Court is 5.69%.
By apartment type, the apartments comprise four 3-bedroom duplex units, three 3-bed, 62 2-bed, and 23 1-bed units.
