Property firm Irish Residential Property REIT made a pre-tax profit of €14.8m in the first six months on the back of rising rents and a growing portfolio.

The company had operating revenues of €11.2m in the first half of the year, compared to just €2.2m in the last six months of 2014.

It also logged a fair value gain of €10.1m on its investment properties.

IRES REIT said it saw strong growth in rents, with increases of 10-15% during the period as a result of renewals and the arrival of new tenants.

It was also enjoying a strong level of occupancy by the end of June, with all properties more than 97% full and most completely let.

The company holds a number of properties around Dublin, including developments in Smithfield, the Docklands and Sandyford.

During the six month period IRES REIT spent almost €110.6m acquiring properties, compared to just €2.2m in the second half of 2014.

It also spent around €2.8m on improvements to the properties it owns.