Acquisition of 77 Residential Units

24 February 2026

 

 

Irish Residential Properties REIT plc

 

I-RES announces the acquisition of 77 residential apartments for €31.75 million

 

 

Irish Residential Properties REIT plc (“the Company”, “the Group” or “I-RES”), Ireland’s largest provider of private rental accommodation, is pleased to announce it has entered a forward purchase agreement with Westar Homes Limited to acquire 77 high-quality apartments for a total consideration of €31.75 million. The property is currently under construction and is due to reach practical completion in Q4 2026.

Located in Naas, Co. Kildare, a rapidly growing commuter town southwest of Dublin, the property occupies an attractive position close to the town centre, with easy access to the M7 motorway and Sallins commuter rail station. The location benefits from a strong local employment base and is adjacent to the major employment hubs of Southwest Dublin including City West, Grange Castle and Tallaght. Naas is the largest town in Co. Kildare and is a mature urban location providing a range of amenities, including education, healthcare, retail and other social infrastructure.

The property to be acquired by the Company comprises a mix of apartment types including 20 x 1 bed, 33 x 2 bed and 24 x 3 bed apartments. The apartments will be completed to a high specification, with A2 BER ratings and strong sustainability criteria including air-to-water heat pumps, LED lighting and PV panels. The self-contained block is set over 4 storeys at podium level with accompanying car parking. The Company will begin to lease the apartments following practical completion. Based on the Company’s market underwrite and assessment of market rents, the investment is projected to generate a Net Initial Yield of approximately 5.25% and will be earnings-enhancing following the lease up period.

The acquisition represents a positive step in the Company’s strategy and will be funded using proceeds from the ongoing disposal programme. To date, €34.9 million of sales proceeds have been generated.

Post acquisition and along with the ongoing asset recycling programme, we expect to maintain LTV comfortably within I-RES’ target range of 40%-45%.

 

Eddie Byrne, CEO of I-RES, commented: “Our capital recycling programme is progressing well, having raised nearly €35 million in proceeds so far, and we are excited today to announce the reinvestment of a large portion of these proceeds into an accretive asset in a much sought-after and growing residential location. This off-market acquisition, generated internally as a result of our teams’ extensive connections and experience, represents a very attractive investment opportunity. Our asset recycling programme has, to date, generated sales proceeds 25%+ above our carrying values, thus giving us effective selling yields of approximately 4% which, through this acquisition, we are able to reinvest at 5.25% in new A rated assets. We continue to monitor accretive potential growth opportunities that we now see emerging in the market. This transaction demonstrates the role I-RES can play in funding much needed-new housing in Ireland.”

END

For further information please contact:

Investor Relations:

Eddie Byrne, Chief Executive Officer              Tel: +353 (1) 5570974

email: investors@iresreit.ie

Media enquiries:

Cathal Barry, Drury                                                                                      Tel: +353 (0) 87 227 9281

Gavin McLoughlin, Drury                                                                             Tel: +353 (0) 86 035 3749

email: iresreit@drury.ie

 

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc (“I-RES”) is a growth oriented Real Estate Investment Trust providing quality professionally managed homes in sustainable communities in Ireland. I-RES aims to be the provider of choice for the Irish living sector, known for excellent service and for operating responsibly, minimising its environmental impact, and maximising its contribution to the community. The Company's shares are listed on Euronext Dublin. Further information at www.iresreit.ie.

 

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. Except as required by law or by any appropriate regulatory authority, the Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise.