Irish Residential Properties REIT, the country's largest private landlord, has bought a property portfolio owned by US-based Marathon Asset Management for €285m.
I-RES REIT said the "XVI Portfolio" is made up of 815 residential units across 16 high-quality developments with most of them in Dublin and one in Cork.
The portfolio comprises a mix of 138 one-bedroom, 599 two-bedroom, 77 three-bedroom and a four-bedroom apartment and duplex units and associated car parking.
98% of the residential units are currently leased and income producing with the remaining 18 residential units available for immediate lease up by I-RES.
The portfolio currently generates an annualised gross rental income of €14.2m.
The company also said today that it has exercised its option to extend its committed credit facilities from €450m to €600m.
Margaret Sweeney, chief executive of I-RES said the acquisition of the XVI Portfolio presents an unrivalled and highly attractive opportunity to invest in a diversified residential portfolio of scale which is immediately income producing.
"The location and quality of the assets complement the existing I-RES portfolio remarkably well and offer operational synergies in many locations, whilst also opening up new areas of Dublin city where I-RES has been seeking representation," Ms Sweeney said.
"The acquisition underlines the company's strategy for growth and its long term commitment to the Irish market and will on completion bring the I-RES residential unit count to 3,568 residential units with a further 316 residential units due for delivery between now and 2021 under pre-purchase contracts," she added.
Shares in the company were lower in Dublin trade today.