Ires Reit commits €77.2m to new apartment deals

Irish Residential Properties Reit (Ires), the State’s largest private residential landlord, has agreed to buy up to 164 apartments being developed in Dublin, which will bring its total number of units to 2,842.

The publicly-traded company said on Friday that it had signed a deal to buy part of the Tara Towers Hotel site from Dalata Hotel Group with planning permission for 69 apartments.

The accord will see Dalata, which is planning to redevelop the Dublin 4 hotel into a 4-star Maldron Hotel, also build the apartments for Ires.

Overall size

The overall size of the transaction is expected to be as much as €47.2 million.

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The 1.46 acre site was acquired by Dalata in January 2016 for €13.155 million. Apart from the apartments, the redeveloped site will comprise a 4-star Maldron hotel with 140 bedrooms, four meeting rooms a bar and a restaurant as well as a basement car park.

McAleer and Rushe have been appointed contractors and the overall estimated development cost is €51 million.

Separately, Ires has bought a 1.3 acre site in Hansfield Wood in Dublin 15 from Garlandbrook Ltd, which trades as Alanna Homes. Garland and building contractor Newline Homes will develop the site into 95 apartments for a total consideration of €26.7 million.

It follows on from Ires entering into a development agreement last year to buy 99 units in Hansfield Wood. These will "shortly be fully available to the market" for rent, company chairman Declan Moylan said on Friday.

Ires, set up by Canada's Capriet, floated on the Irish Stock Exchange in 2015.