Ires Reit gears up for property market growth
Property investment company will consider further debt, joint ventures and equity funding to finance further growth
Earlier this year Irish Residential Properties REIT plc acquired a block of 84 luxury apartment suites adjacent to the five-star Marker Hotel in the Grand Canal Dock area of Dublin for € 50.1 million. (Photograph: Aidan Crawley/The Irish Times)
Irish Residential Properties Reit (Ires Reit) an Irish multi-unit residential property investment company, which floated on the Irish Stock Exchange in April, is yielding 5.2 per cent on total investments of €317 million.
In an interim managmenet statement from July 1st 2014 to date, the Reit revealed that it acquired 847 units during the period for a total consideration of approximately € 261.8 million at a gross yield of approximately 5.2 per cent. This increases the company’s total investment since incorporation to date to € 317 million. These investments have been funded by way of equity of € 192 million and debt of € 125 million.
The investment company’s acquisitions during the period include the Marker Residences in the Grand Canal Dock area of Dublin2, purchased for about € 50.1 million; and the “orange portfolio”, consisting of 1,547 residential suites of which 761 residential suites in four properties located in the greater Dublin area neighbourhoods of Charlestown, Lansdowne Gate, Beacon South Quarter and Bakers Yard as well as a total of approximately 3,187 sq. m. (34,302 sq. ft.) of commercial space, purchased for about € 211.3 million.
David Ehrlich, the company’s chief executive officer commented: “ We have now invested approximately € 317 million in investment properties. With the initial capital raised now deployed and leveraged, we continue to assess our funding options for growth, including further debt, joint ventures and equity funding and will update the market as and when appropriate”.