Ireland’s IRES sees rental income grow by 18%

Dublin-listed real estate investment trust IRES has posted an 18% growth in net rental income for the six months ended June 2019. IRES saw its rental income rise to €22.7m, up from €19.3m in the first half of 2018. This was achieved through organic rent growth and acquisitions, including the purchase of 815 units for €285m from New York hedge fund Marathon Asset Management. Since IRES was established in 2007, the firm has invested €1bn in the Irish housing market, resulting in an overall supply of 3,884 managed units. As of 30 June 2019, the portfolio consisted of 2,771 homes, along with associated commercial space and owned development at a total value of €989.5m. To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette