Irish Residential Properties REIT has completed the acquisition of 146 residential units located in The Phoenix Park Racecourse, Castleknock, Dublin 15 from Flynn & O'Flaherty Construction for a total purchase price of €60 mln.
The units include a mix of apartments, duplex units, penthouses and houses, with 120 built between 2002-2007 and the remainder having been completed mid-2020.
137 of the residential units are currently leased and income producing, with the remaining nine units available for immediate lease-up, after which the deal is expected to generate an initial gross yield of 5.3%.
‘This acquisition, which is in line with our strategy of investing in the supply of new homes in the Irish market, brings the IRES portfolio to a total of 3,834 units,’ said Margaret Sweeney, the company's Chief Executive Officer.
