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 Residen al Units for €60 million
Irish Residen al Proper es REIT plc ("I•RES" or the "Company") is pleased to announce the execu on of contracts with Flynn & O'Flaherty Construc on (the "Vendor") for the acquisi on of 146 residen al units located in The Phoenix Park Racecourse, Castleknock, Dublin 15. The total purchase price is €60 million (including VAT but excluding other transac on costs). The Company expects to complete the acquisi on in January 2021. The acquisi on will be funded from the Company's exis ng 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 a rac ve posi on 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 sta on and a high frequency bus service close by. Castleknock and the Phoenix Park is a much sought a er and mature residen al loca on, providing some of Dublin's finest ameni es, including schools, spor ng facili es, shopping and employment.
The residen al 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 residen al units were built between 2002-2007. The remaining 26 residen al units are newly built having been completed mid-2020 in a self-contained block overlooking the Phoenix Park. All residen al units are completed to a high specifica on providing large windows and balconies that frame the views of the landscaped gardens and the park. Suppor ng on-site facili es include shops, café, gym and off-street bicycle and car parking.
137 of the residen al units are currently leased and income producing with 9 residen al units available for immediate lease-up. Based on current annualized passing rents on the 137 residen al units and the lease up of the remaining 9 residen al units, the asset is expected to generate an ini al gross yield of 5.3%.
Margaret Sweeney, the Company's Chief Execu ve Officer commented: "This acquisi on presents an opportunity to invest in an accre ve asset in a much sought- a er residen al loca on 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 transi on of the residen al units to I•RES early in the New Year."
For further informa on please contact: Irish Residen al Proper es 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 Rela ons Tel: +353 (0) 87 296 8382 Margaret Sweeney, Chief Execu ve Officer Tel: +353 (0) 1 557 0974
For Media Requests: Q4PR Gerry O'Sullivan Tel: + 353 (0) 87 259 7644
About Irish Residen al Proper es REIT plc Irish Residen al Proper es REIT plc (together with IRES Residen al Proper es 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 residen al rental accommoda ons in Ireland. The Group currently owns 3,683 apartments and houses for private rental in Dublin and Cork with an addi onal 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 construc on directly on owned sites with planning approval to develop an addi onal 543 residen al units on its exis ng sites. The Company's shares are listed on Euronext Dublin. Further informa on in respect of the Company can be obtained from the Company's website at www.iresreit.ie.
Note on forward-looking informa on 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 uncertain es because they relate to expecta ons, beliefs, projec ons, future plans and strategies, an cipated events or trends, and similar expressions concerning ma ers that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertain es 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 obliga on to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unan cipated events, new informa on or otherwise including in respect of the Covid-19 pandemic, the uncertainty of its dura on and impact, and any government regula ons or legisla on related to it.
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