Irish Residential Properties REIT Acquires 77 Apartments

Irish Residential Properties REIT plc (I-RES) has acquired 77 residential apartments for €31.75 million from Westar Homes Limited. The property, located in Naas, Co. Kildare, is under construction and set for completion in Q4 2026.

The acquisition includes a mix of 1, 2, and 3-bedroom apartments, designed with sustainable features such as A2 BER ratings and renewable energy solutions. With completion, leasing will begin, yielding an expected 5.25% return, enhancing earnings post-lease up.

This investment aligns with I-RES's strategy, utilizing proceeds from a disposal program, which has raised €34.9 million. CEO Eddie Byrne highlights the company’s commitment to asset recycling by reinvesting at higher yields, seeing it as a strategic opportunity in a growing market.