IRES REIT to buy 761 Dublin apartments from NAMA in €211m dealFriday 29 August 2014 13.01
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.