The country's largest private residential landlord, Irish Residential Properties REIT, has completed the sale of 194 residential units in West Dublin to housing association Tuath Housing.
The deal, which was originally announced in August, was worth about €72.06m, including VAT but excluding other transaction costs.
The company noted that it was delivered well ahead of the expected timeframe.
It said the proceeds from the deal were an "attractive return" on the original acquisition cost and is in line with book value at 30 June 2023. The proceeds will be used to strengthen its balance sheet.
The transaction closed in two phases - the sale of 91 units in Hansfield Wood closed on August 25 for a total consideration of €38.12m.
And then the sale of an additional 103 apartments which includes Piper's Court, and a small 8-unit apartment building in Hansfield Wood closed on October 2, for a total consideration of €33.94m.
Irish Res REIT also said that five luxury townhouses at Tara View previously announced for disposal have been sold for a combined gross value of €5.9m, (excluding transaction costs) with the final two house sales closing last month.
Following the completion of these sales, the group now owns 3,734 apartments and houses for private rental in Dublin and Cork.
I-RES CEO Margaret Sweeney said today's announcement marks a significant milestone on the company's disposal programme.
"The completion of this transaction has been achieved well ahead of the expected timeframe," the CEO noted.
"The attractive returns delivered from this transaction reflects the quality of the assets and our value-add management of them, which is a core part of our operating model. We remain focused on delivering value maximisation for all stakeholders in line with our disciplined capital allocation strategy," she added.
