Dublin deal hands I-RES lion’s share of €100m disposal target

Irish Residential Properties REIT has struck a deal to sell 194 homes in West Dublin for €72m (£62m). The sale, to Tuath Housing, makes up the lion’s share of the €100m disposal programme announced by I-RES in April as part of its capital optimisation and shareholder value strategy. The deal covers two lots of houses and apartments in Hansfield Wood, which are expected to close before the end of the year. I-RES said the proceeds represented an attractive return on the original acquisition cost and were in line with June’s book value. It will use the cash to pay down higher-cost debt under its revolving credit facility. So far the company has disposed of €96.5m of its €100m target. The deal was revealed as I-RES announced its results for the first six months of 2023. Rental revenue was up 5.2% to €44.3m, but overall the company made a €42.1m pretax loss, down from a €22.9m gain for H1 2022. This was largely due to a €56.5m decrease in the value of its investment properties. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews