IRES REIT to buy 761 Dublin apartments from NAMA in €211m deal

Friday 29 August 2014 13.01
The acquisition includes properties in Beacon South Quarter in Dublin's Sandyford
The acquisition includes properties in Beacon South Quarter in Dublin's Sandyford

The National Asset Management Agency has agreed to sell 761 apartments to a Canadian-backed investment company, which is set to become Ireland’s biggest private-sector landlord.

Irish Residential Investment REIT has agreed to pay NAMA a reported €211m for 761 apartments in four developments in Dublin.

IRES REIT - which launched on the stock exchange in April, already owns 441 apartments in Dublin.  

The latest acquisition - which is set to close in October - will bring the total to 1,202 apartments.

The apartments being sold by NAMA are 98% let, and brought in rent of €10.6m last year.