Completes Purchase of 118 Houses in Dublin Suburbs

RNS Number : 7982T

Irish Residential Prop REIT PLC

18 November 2019

 

18 November 2019

I●RES Completes Purchase of 118 Houses located in Dublin Suburbs for €38.2 million

Irish Residential Properties REIT plc ("I●RES" or the "Company") announces that, further to its announcement on 25 March 2019, the Company has successfully completed the acquisition of 118 houses located in two suburbs in County Dublin (Balbriggan and Donabate) on a phased basis from a subsidiary of Glenveagh Properties PLC ("Glenveagh") for a total purchase price of €38.2 million (including VAT, but excluding other transaction costs).  The final phase of homes was acquired on 1 November 2019.

The 78 houses in Balbriggan and the 40 houses in Donabate were successfully completed turnkey and handed over to I●RES on a phased basis to facilitate lease up. Both developments are located on the eastern coastline north of Dublin City Centre and provide excellent access to local infrastructure including transport, schools, sporting facilities, shopping and employment including Dublin Airport. 

All 118 homes are expected be fully leased by the end of 2019 and are anticipated to generate a gross yield of circa 6.7%.

Margaret Sweeney, I●RES' Chief Executive Officer, commented: 

"We are very pleased to have completed the purchase of 118 excellent homes in two prime suburbs (Donabate and Balbriggan) in Co Dublin in line with the agreed programme. As a long term investor in the Irish market, I●RES continues its proactive strategy of investing in the supply of new homes. The completion of this forward purchase transaction brings the I●RES portfolio of professionally managed units to a total of 3,885 (including 219 units due by 2021 under forward purchase agreements)."

For further information please contact:

For Investor Relations:

Irish Residential Properties REIT plc

Margaret Sweeney, Chief Executive Officer

+ 353 (0) 1 557 0974

For Media Requests:

Q4PR

Gerry O'Sullivan

+ 353 87 2597644

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc, is a leading Irish Real Estate Investment Trust ("REIT") listed on Euronext Dublin. The Company is the first REIT established in Ireland primarily focused on residential rental accommodations. The Company will continue to seek to invest in, manage and develop investments primarily focused on residential rental accommodations.  The Company currently owns 3,666 residential units with an additional 219 units due for delivery between now and 2021 under pre-purchase contracts. The Company also has planning approval to develop an additional 627 residential units on its existing sites. Further information in respect of the Company can be obtained from the Company's website at www.iresreit.ie.

Note on forward-looking information

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.  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 except as required by law or by any appropriate regulatory authority.

 

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