Irish Residential Properties REIT has completed the disposal of 151 non-core residential units spread across 10 properties.
The sales price of €48 mln (net of costs) was achieved following a competitive sales process which attracted significant international and domestic interest, the vendor said in a statement. The price achieved was in excess of the original acquisition cost and 6% ahead of the December 2019 valuations.
The proceeds from the sale will provide added liquidity, which can be utilised for accretive growth opportunities.
The disposal included 151 leased-up apartments across 10 properties in a number of locations in Dublin, including Dublin 8, the IFSC, Sandyford and Tallaght, as well as 3 small commercial units. The objective of the sale was to deliver operational and asset management efficiencies from the portfolio.
The purchaser was a fund managed by Orange Capital Partners, an international investment manager with its office in Dublin and an existing footprint in the Irish market.
Commenting on the disposal, Margaret Sweeney, the company's CEO, said: ‘We are pleased to have achieved a successful disposition and an opportunity for IRES to rationalise some of the smaller more fragmented holdings from the assets portfolio.’
