IRES Completes Sale of 194 Units

Irish Residential Properties REIT plc (IRES) IRES Completes Sale of 194 Units 03-Oct-2023 / 07:00 GMT/BST Irish Residential Properties REIT plc I-RES Completes Sale of 194 Units in Dublin Completion of Transaction Delivered Ahead of Expected Timeframe I-RES’ LTV reduced to 42.1% 3 October 2023, Dublin | Irish Residential Properties REIT plc (the "Company" or "I-RES"), announces that it has successfully completed the sale of 194 residential units in West Dublin to Tuath Housing (the “Transaction”). The Transaction, which was originally announced on 3 August 2023, was completed for a total consideration of approximately €72.06 million, including VAT but excluding other transaction costs, and was delivered well ahead of the expected timeframe. The proceeds from these asset sales represents an attractive return on the original acquisition cost and is in line with book value at 30 June 2023. The proceeds will be used to strengthen the Company’s balance sheet. The Transaction closed in two phases: The sale of 91 units in Hansfield Wood closed on 25 August 2023, for a total consideration of €38.12 million. The sale of an additional 103 apartments which includes Piper’s Court, and a small 8-unit apartment building in Hansfield Wood closed 2 October 2023, for a total consideration of €33.94 million. In addition to the Transaction, the 5 luxury townhouses at Tara View previously announced for disposal have completed for a combined gross value of €5.9 million, (excluding transaction costs) with the final 2 house sales closing in September 2023. I-RES CEO, Margaret Sweeney, commented: “Today’s announcement marks a significant milestone on our disposal programme, and the completion of this transaction has been achieved well ahead of the expected timeframe. 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. We remain focused on delivering value maximisation for all stakeholders in line with our disciplined capital allocation strategy.” Asset Disposal Programme Update The Company has now successfully delivered on approximately €96.5 million of its €100 million asset disposal programme, which is part of its long-term strategy to optimise capital and create shareholder value. As previously announced, the proceeds are being used to further strengthen the balance sheet by retiring the Company’s higher cost debt under its revolving credit facility. Following the successful completion of these transactions, the Company’s LTV1 is now 42.1%, with 82% of the Company’s debt now hedged against interest rate volatility. The hedged portion of the Company’s debt is fixed at a blended interest rate of 3.27%. The Company remains focused on delivering on its value maximising portfolio management and disciplined capital allocation strategy. Following the completion of these sales the Group now owns 3,734 apartments and houses for private rental in Dublin and Cork. 1 LTV is based on portfolio valuation as at 30 June 2023 and net of cash. For further information please contact: For Investor Relations: Irish Residential Properties REIT plc      Michelle Ang, Director Investor Relations [e-mail]     Tel: [phone] Margaret Sweeney, Chief Executive Officer     Tel: [phone] For Media Queries: Jonathan Neilan, FTI Consulting [e-mail]       Tel: [phone]  Melanie Farrell, FTI Consulting      Tel: [phone]  About Irish Residential Properties REIT plc Irish Residential Properties REIT plc (I-RES) is a growth oriented Real Estate Investment Trust providing quality professionally managed homes in sustainable communities in Ireland. Following the completion of the above disposals, the Group now owns 3,734 apartments and houses for private rental in Dublin and Cork. I-RES aims to be the provider of choice for the Irish living sector, known for excellent service and for operating responsibly, minimising its environmental impact, and maximising its contribution to the community. The Company's shares are listed on Euronext Dublin. Further information at www.i-res.ie. This note applies if and to the extent that there are forward-looking statements in this Announcement. This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. Except as required by law or by any appropriate regulatory authority, the Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise, including in respect of the Covid-19 pandemic, the uncertainty of its duration and impact, and any government regulations or legislation related to it. Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

ISIN:	IE00BJ34P519
Category Code:	MSCM
TIDM:	IRES
LEI Code:	635400EOPACLULRENY18
OAM Categories:	3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.:	275331
EQS News ID:	1739659

End of Announcement	EQS News Service