Deutsche Bank reportedly buys portfolio of 680 rental properties

Thursday 29 May 2014 18.22
Deutsche Bank is one of a number of firms to show a renewed interest in Irish property
Deutsche Bank is one of a number of firms to show a renewed interest in Irish property

Deutsche Bank has reportedly bought a portfolio of 680 buy-to-let properties in Ireland from Danish lender Danske Bank.

News agency Bloomberg reports that Danske Bank has sold the portfolio of rental homes as it seeks to pull back from the Irish market.

However other firms – including investment vehicle Lone Star Funds – have shown increased interest in the Irish property market in recent months as some anticipate a recovery.

In a statement, Danske Bank confirmed it had sold a portfolio of more than 600 Irish properties, however it did not disclose the identity of the purchaser.

The bank said that many of the properties are vacant, but where there are tenants their rights would not be affected.

Head of Danske Bank’s non-core division Peter Hughes said the sale was part of the bank’s decision to “strategically manage down the non-core portfolio in Ireland”.

He said they were “pleased with the outcome which reflects increasing investor confidence in the property market in recent months”.

A London-based spokesperson for Deutsche Bank declined to comment on the report.