Property investment company Irish Residential Properties (Ires) Reit has completed the sale of almost 200 residential units in west Dublin to Tuath Housing for more than €72 million.
The sale of the properties, which includes apartments, houses and duplex units, was completed ahead of schedule and brings an “attractive return” on the original acquisition costs for the development. The proceeds will be used to strengthen the company’s balance sheet and retire its higher-cost debt under its revolving credit facility.
The deal included the sale of 91 units in Hansfield Wood in Dublin 15 for €38.1 million, with an additional 103 apartments, including Piper’s Court, and a small eight-unit apartment building in Hansfield Wood raising almost €34 million.
Originally announced in August, the deal is part of Ires’s €100 million asset disposal programme, which now stands at €96.5 million delivered.
Ires also said it had completed the sale of five luxury townhouses at Tara View for almost €6 million.
Chief executive Margaret Sweeney said the sale was a “significant milestone” on its disposal programme. “The attractive returns delivered from this transaction reflects the quality of the assets and our value-add management of them, which is a core part of our operating model,” she said. “We remain focused on delivering value maximisation for all stakeholders in line with our disciplined capital allocation strategy.”
Ires owns 3,734 apartments and houses for private rental in Dublin and Cork.
