15 August 2022

 

 

 

I-RES completes acquisition of Tara View, Merrion Road, Dublin 4

 

Increases total number of residential units to 4,067

 

Dublin | 15 August: Irish Residential Properties REIT plc ("I-RES" or the "Company") is pleased to announce it has completed the acquisition of 69 new residential homes at Tara View, Merrion Road, Dublin 4 (formerly known as Project Merrion). I-RES entered into a contract for the forward purchase of the residential units from DHGL Limited (a subsidiary of the Dalata Hotel Group plc) in 2018, a transaction valued at €47.1 million (including VAT but excluding other transaction costs).

 

Tara View is a prime waterfront development located adjacent to the Elm Park development (where the Company owns 194 apartments) in Dublin 4, Ireland’s premier residential address. The scheme is surrounded by excellent infrastructure and amenity including direct public transport links to the City Centre, schools, hospitals, retail and leisure facilities.

 

The development is now fully completed with the acquisition of the 69 apartments, townhouses and car park spaces closed at the original price, with no variation. These excellent homes, many with excellent views across Dublin Bay and the Dublin mountains, will appeal to a range of residents.

 

Based on the projected annualised market rents, the asset is expected to generate a gross yield on cost of 5.6%.  

 

 

Margaret Sweeney, the Company's Chief Executive Officer commented:

"We are delighted to take delivery of the Tara View development which is an excellent addition to the I-RES portfolio at a time when there is a significant need for new accommodation in Dublin City. The property is in an excellent location close to a host of employment, amenity and transport routes with a short commute to Dublin city centre. The addition of Tara View, along with the acquisition earlier this year of Ashbrook and the delivery of our development at the School Yard, now brings our total portfolio size to in excess of 4,000 homes."

 

 

For further information please contact:

 

For Investor Relations:
Irish Residential Properties REIT plc     

Michelle Ang, Director Investor Relations    Tel: +353 (0) 87 956 1138

Margaret Sweeney, Chief Executive Officer    Tel: +353 (0) 1 557 0974

 

For Media Requests:

Melanie Farrell, FTI Consulting

ires@fticonsulting.com      Tel: +353 (0) 86 401 5250

 

 

 

About Irish Residential Properties REIT plc

 

Irish Residential Properties REIT plc (together with IRES Residential Properties Limited & I-RES Fund Management Limited, the "Group") is a growth oriented Real Estate Investment Trust that is focused on acquiring, holding, managing and developing investments primarily focused on private residential rental accommodations in Ireland. The Group currently owns 4,067 apartments and houses for private rental in Dublin and Cork. The Company has a further 44 units to be delivered in 2023 under a pre-purchase contract and planning approval to develop an additional 543 residential units on its existing sites. The Company's shares are listed on Euronext Dublin. Further information in respect of the Company can be obtained from the Company's website at www.iresreit.ie.

 

Important 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. 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.