Irish Residential Properties acquire a further 89 apartments at Coldcut Park

By Echo Reporter

THE Irish Residential Properties REIT (IRES) has entered into an agreement to acquire 89 apartments with 145 car-parking spaces at Coldcut Park in Clondalkin, for €18.3 million.

This will be subject to completion of the acquisition, which is expected to occur at the end of August, after which IRES will have 2,377 apartments under professional management in Ireland.

The 89 apartments at Coldcut Park are 99 per cent occupied, and currently have annualised passing rents of €1.4m, generating a gross yield of 7.7 per cent based on the €18.3m purchase price (including VAT, but excluding other transaction costs).

The 89 apartments comprise a mix of one-bed to four-bed apartments, including a number of duplex units.

IRES Chief Executive Officer, David Ehrlich said: “The acquisition of the apartments at Coldcut Park is a nice addition to our portfolio with an attractive yield. Coldcut Park is situated in close proximity to other properties in our portfolio, including Tyrone Court (Inchicore) and Tallaght Cross West, so that it fits well from a property management standpoint.

“On closing, this will bring our total number of apartments to 2,377.”

IRES purchases and accumulates apartment assets to let, mainly in the greater Dublin area.