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Irish Residential Properties REIT Acquires 69 Newbuild Homes in Dublin
Monday 15 August 2022

Ireland-based rental housing investor Irish Residential Properties REIT plc has completed the acquisition of 69 new residential homes at Tara View, Merrion Road, Dublin 4 (formerly known as Project Merrion), the company said.

I-RES entered into a contract for the forward purchase of the residential units from DHGL Ltd. (a subsidiary of the Dalata Hotel Group plc) in 2018, a transaction valued at EUR 47.1m (USD 47.88m) (including VAT but excluding other transaction costs).

Tara View is a prime waterfront development located adjacent to the Elm Park development (where the company owns 194 apartments) in Dublin 4, Ireland's premier residential address. The scheme is surrounded by excellent infrastructure and amenity including direct public transport links to the City Centre, schools, hospitals, retail and leisure facilities.

The development is now fully completed with the acquisition of the 69 apartments, townhouses and car park spaces closed at the original price, with no variation.

Based on the projected annualised market rents, the asset is expected to generate a gross yield on cost of 5.6%.

Irish Residential Properties REIT plc is a growth oriented Real Estate Investment Trust that is focused on acquiring, holding, managing and developing investments primarily focused on private residential rental accommodations in Ireland.

The group currently owns 4,067 apartments and houses for private rental in Dublin and Cork. The company has a further 44 units to be delivered in 2023 under a pre-purchase contract and planning approval to develop an additional 543 residential units on its existing sites.
Date Published: 15/08/2022