Ires Reit sees revenue boost due to State rent subsidies

Ires Reit, the largest private landlord in Ireland, received more than €8.7 million in rental income from the State in the first half of 2021, according to the Business Post.

It reports that Housing Assistant Payments (HAP) from Dublin City Council accounted for nearly two-thirds of revenue growth at Ires Reit last year. Some 432 properties in Ires Reit's portfolio in 2020 were HAP tenancies, while it had 482 HAP tenancies in 2021. It recorded a profit of €27.4 million for the first six months of 2021, following a €10.9 million loss the previous year.

ESB wins power contracts

The Business Post says the ESB has won new power contracts for a number of gas plants it pulled out of last year, at three times the price of the original contracts.

The original contracts were valued at €46,150/megawatt (MW) but ESB has now won 10-year contracts for the same three gas plants at €146,919/MW, more than three times the price of the 2019 contracts.

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Personal injury claimants

The Business Post reports that personal injury claimants face the prospect of large legal bills if they decline an offer from the Personal Injury Assessment Board and fail to win a higher award in court. New legislation is to be brought to Cabinet this week that will leave claimants having to pay both their own legal costs and that of insurers if a court award does not exceed the settlement they have been offered by the board. Under current regulations, claimants are liable for their own costs if they lose their case in court, but many insurance companies settle ahead of time to reduce costs.

Musgrave lobbies Government

SuperValu owner Musgrave has lobbied the Government on wider eligibility for non-EU worker visas, a report in the Sunday Independent says. It reports that issues such as Brexit and the Covid crisis have brought labour shortages to the fore. Musgrave, which also owns Centra, met with a number of politicians late last year to discuss requirements on work visas to make it easier to recruit from countries outside the European Economic Area (EEA).

Ardstone sets up new €400m fund

Property developer Ardstone has established a €400 million fund to build social housing locally, according to a report in the Sunday Times Irish edition. It says that German investment manager Patrizia has contributed €125 million for Sustainable Communities Ireland’s first project, the construction of 290 apartments in Citywest, Dublin.The aim of the new fund is to build 1,200-1,500 homes, most of which will be in the Greater Dublin Area. Ardstone’s new fund comprises €200 million in equity and €200 million debt.

KBC customers to keep mortgage discount

Thousands of KBC Bank customers will continue to retain a "lifetime" mortgage discount even if they refuse to switch accounts to Bank of Ireland when it buys the Belgian bank's loans, the Sunday Times reports. The low rate loans are given to customers who open current accounts into which they are paid their salaries. The Competition and Consumer Protection Commission is expected to rule shortly on KBC's proposed €5 billion deal with Bank of Ireland.