12/14/2020 https://direct.euronext.com/announcementRNSDownload.aspx?rnsId=4f80c70f-d8c9-4b9d-b8dd-d91d12c5c820&rnsUrl=http://PPDXTS…

RNS Number : 4675I Irish Residential Prop REIT PLC 14 December 2020

14 December 2020

IRES REIT to Acquire 146 Residenal Units for €60 million

Irish Residenal Properes REIT plc ("I•RES" or the "Company") is pleased to announce the execuon of contracts with Flynn & O'Flaherty Construcon (the "Vendor") for the acquision of 146 residenal units located in The Racecourse, , 15. The total purchase price is €60 million (including VAT but excluding other transacon costs). The Company expects to complete the acquision in January 2021. The acquision will be funded from the Company's exisng credit facility.

The property is located in the west Dublin suburb of Castleknock and is adjacent to the Phoenix Park, the largest enclosed park of any European capital city. The scheme occupies an aracve posion close to Dublin City Centre (c. 6kms), with easy access to the M50 motorway. There are excellent public transport links to the City Centre, with Ashtown train staon and a high frequency bus service close by. Castleknock and the Phoenix Park is a much sought aer and mature residenal locaon, providing some of Dublin's finest amenies, including schools, sporng facilies, shopping and employment.

The residenal units to be acquired by the Company include a mix of apartments, duplex units, penthouses and houses (20 x 1 bed, 113 x 2 bed and 13 x 3 bed). 120 of the residenal units were built between 2002-2007. The remaining 26 residenal units are newly built having been completed mid-2020 in a self-contained block overlooking the Phoenix Park. All residenal units are completed to a high specificaon providing large windows and balconies that frame the views of the landscaped gardens and the park. Supporng on-site facilies include shops, café, gym and off-street bicycle and car parking.

137 of the residenal units are currently leased and income producing with 9 residenal units available for immediate lease-up. Based on current annualized passing rents on the 137 residenal units and the lease up of the remaining 9 residenal units, the asset is expected to generate an inial gross yield of 5.3%.

Margaret Sweeney, the Company's Chief Execuve Officer commented: "This acquision presents an opportunity to invest in an accreve asset in a much sought- aer residenal locaon beside the Phoenix Park and is in line with I•RES' growth strategy. The scheme is ideally located close to a host of employment, amenity and transport routes as well as being a short commute to the city centre. The scheme has been well managed by the Vendor and we look forward to a seamless transion of the residenal units to I•RES early in the New Year."

For further informaon please contact: Irish Residenal Properes REIT plc

https://direct.euronext.com/announcementRNSDownload.aspx?rnsId=4f80c70f-d8c9-4b9d-b8dd-d91d12c5c820&rnsUrl=http://PPDXTSHF03001v.oad.… 1/3 12/14/2020 https://direct.euronext.com/announcementRNSDownload.aspx?rnsId=4f80c70f-d8c9-4b9d-b8dd-d91d12c5c820&rnsUrl=http://PPDXTS… Sarah Stokes, Investor Relaons Tel: +353 (0) 87 296 8382 Margaret Sweeney, Chief Execuve Officer Tel: +353 (0) 1 557 0974

For Media Requests: Q4PR Gerry O'Sullivan Tel: + 353 (0) 87 259 7644

About Irish Residenal Properes REIT plc Irish Residenal Properes REIT plc (together with IRES Residenal Properes Limited, the "Group") is a growth oriented Real Estate Investment Trust that is focused on acquiring, holding, managing and developing investments primarily focused on private residenal rental accommodaons in Ireland. The Group currently owns 3,683 apartments and houses for private rental in Dublin and Cork with an addional 69 units due for delivery between now and the end of H1 2022 under pre-purchase contracts. The Company has a further 66 units currently under construcon directly on owned sites with planning approval to develop an addional 543 residenal units on its exisng sites. The Company's shares are listed on Euronext Dublin. Further informaon in respect of the Company can be obtained from the Company's website at www.iresreit.ie.

Note on forward-looking informaon 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 uncertaines because they relate to expectaons, beliefs, projecons, future plans and strategies, ancipated events or trends, and similar expressions concerning maers that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertaines 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. Except as required by law or by any appropriate regulatory authority, the Company will not undertake any obligaon to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unancipated events, new informaon or otherwise including in respect of the Covid-19 pandemic, the uncertainty of its duraon and impact, and any government regulaons or legislaon related to it.

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 [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END https://direct.euronext.com/announcementRNSDownload.aspx?rnsId=4f80c70f-d8c9-4b9d-b8dd-d91d12c5c820&rnsUrl=http://PPDXTSHF03001v.oad.… 2/3 12/14/2020 https://direct.euronext.com/announcementRNSDownload.aspx?rnsId=4f80c70f-d8c9-4b9d-b8dd-d91d12c5c820&rnsUrl=http://PPDXTS…

ACQBCBDDXXBDGGX

https://direct.euronext.com/announcementRNSDownload.aspx?rnsId=4f80c70f-d8c9-4b9d-b8dd-d91d12c5c820&rnsUrl=http://PPDXTSHF03001v.oad.… 3/3