The State's largest property owner, Irish Residential Properties REIT, has agreed a deal to buy 152 residential units in Ashbrook, Clontarf, Dublin 3 in two phases.
The total purchase price is about €66m, which includes VAT but excludes other transaction costs.
The deal includes completed apartments as well as a forward commitment to purchase a new development currently under construction.
Under the terms of the deal, the company will buy 108 completed apartments which were developed in the early 1990's. They include a mix of 39 one bedroom apartments, 66 two bed and three three bedroom units.
91% of the apartments are currently occupied and it is anticipated that all units will be leased by the time the deal closes in the first quarter of this year.
Irish Residential Properties REIT has also committed to buying 44 apartments under a forward purchase contract on an adjoining development site.
The development includes 11 studio apartments, eight one bedroom apartments and 25 two bedroom apartments.
Delivery of the completed units to IRES is anticipated by the second half of 2023.
Irish Residential Properties REIT said the purchase will be funded from its existing credit facilities.
Margaret Sweeney, the company's chief executive, said today's deal presents the opportunity for IRES to invest in an attractive residential property as well as adding further supply of new apartments, in the much sought- after residential location of Clontarf.
"The property and development site are located close to a host of employment, amenity and transport routes as well as being a short commute to the city centre. This accretive investment is in line with our growth strategy and complements the overall I-RES residential portfolio," the CEO added.
As of June 2021, the group owned 3,836 apartments and houses for private rental in Dublin and Cork.
