Irish Residential Prop REIT PLC Completes Purchase of 118 Houses in Dublin Suburbs (7982T)
18 Noviembre 2019 - 10:30AM
UK Regulatory
TIDM0QT8
RNS Number : 7982T
Irish Residential Prop REIT PLC
18 November 2019
18 November 2019
I--RES Completes Purchase of 118 Houses located in Dublin
Suburbs for EUR38.2 million
Irish Residential Properties REIT plc ("I--RES" or the
"Company") announces that, further to its announcement on 25 March
2019, the Company has successfully completed the acquisition of 118
houses located in two suburbs in County Dublin (Balbriggan and
Donabate) on a phased basis from a subsidiary of Glenveagh
Properties PLC ("Glenveagh") for a total purchase price of EUR38.2
million (including VAT, but excluding other transaction costs). The
final phase of homes was acquired on 1 November 2019.
The 78 houses in Balbriggan and the 40 houses in Donabate were
successfully completed turnkey and handed over to I--RES on a
phased basis to facilitate lease up. Both developments are located
on the eastern coastline north of Dublin City Centre and provide
excellent access to local infrastructure including transport,
schools, sporting facilities, shopping and employment including
Dublin Airport.
All 118 homes are expected be fully leased by the end of 2019
and are anticipated to generate a gross yield of circa 6.7%.
Margaret Sweeney, I--RES' Chief Executive Officer,
commented:
"We are very pleased to have completed the purchase of 118
excellent homes in two prime suburbs (Donabate and Balbriggan) in
Co Dublin in line with the agreed programme. As a long term
investor in the Irish market, I--RES continues its proactive
strategy of investing in the supply of new homes. The completion of
this forward purchase transaction brings the I--RES portfolio of
professionally managed units to a total of 3,885 (including 219
units due by 2021 under forward purchase agreements)."
For further information please contact:
For Investor Relations:
Irish Residential Properties REIT plc
Margaret Sweeney, Chief Executive Officer
+ 353 (0) 1 557 0974
For Media Requests:
Q4PR
Gerry O'Sullivan
+ 353 87 2597644
About Irish Residential Properties REIT plc
Irish Residential Properties REIT plc, is a leading Irish Real
Estate Investment Trust ("REIT") listed on Euronext Dublin. The
Company is the first REIT established in Ireland primarily focused
on residential rental accommodations. The Company will continue to
seek to invest in, manage and develop investments primarily focused
on residential rental accommodations. The Company currently owns
3,666 residential units with an additional 219 units due for
delivery between now and 2021 under pre-purchase contracts. The
Company also has planning approval to develop an additional 627
residential units on its existing sites. Further information in
respect of the Company can be obtained from the Company's website
at www.iresreit.ie.
Note on forward-looking information
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. 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 except as required by law or by any appropriate
regulatory authority.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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November 18, 2019 11:30 ET (16:30 GMT)