Irish Residential Properties REIT has completed the sale of 194 residential units in West Dublin to Tuath Housing for €72.06m.
The REIT said the price reflects an attractive return on the original acquisition cost and is in line with book value at 30 June 2023. The proceeds of the sale will be used to strengthen the company’s balance sheet.
Margaret Sweeney, CEO of I-RES, said: “Today’s announcement marks a significant milestone on our disposal programme, and the completion of this transaction has been achieved well ahead of the expected timeframe.
“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.”
