REG-Irish Residential Properties REIT plc Acquisition of 77 Residential Units

Irish Residential Properties REITAnnouncement

24/02/2026 07:00

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Irish Residential Properties REIT plc (IRES)
Acquisition of 77 Residential Units

24-Feb-2026 / 07:00 GMT/BST

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24 February 2026

                                             

 

                          Irish Residential Properties REIT plc

                                             

     I-RES announces the acquisition of 77 residential apartments for €31.75 million

 

 

Irish Residential Properties REIT plc (“the  Company”, “the Group” or “I-RES”),  Ireland’s
largest provider of private rental accommodation, is pleased to announce it has entered  a
forward purchase agreement with Westar Homes Limited to acquire 77 high-quality apartments
for a total consideration of €31.75 million. The property is currently under  construction
and is due to reach practical completion in Q4 2026.

Located in Naas, Co.  Kildare, a rapidly  growing commuter town  southwest of Dublin,  the
property occupies an attractive position close to the town centre, with easy access to the
M7 motorway and Sallins commuter rail station.  The location benefits from a strong  local
employment base and is adjacent to the major employment hubs of Southwest Dublin including
City West, Grange Castle and Tallaght.  Naas is the largest town  in Co. Kildare and is  a
mature urban location  providing a  range of amenities,  including education,  healthcare,
retail and other social infrastructure.

The property to be acquired by the Company comprises a mix of apartment types including 20
x 1 bed, 33 x 2 bed and 24 x 3 bed apartments. The apartments will be completed to a  high
specification,  with  A2  BER  ratings   and  strong  sustainability  criteria   including
air-to-water heat pumps, LED lighting and PV panels. The self-contained block is set  over
4 storeys at podium level with accompanying  car parking. The Company will begin to  lease
the apartments following practical  completion. Based on  the Company’s market  underwrite
and assessment of  market rents, the  investment is  projected to generate  a Net  Initial
Yield of approximately 5.25% and will be earnings-enhancing following the lease up period.

The acquisition represents a positive  step in the Company’s  strategy and will be  funded
using proceeds  from the  ongoing disposal  programme.  To date,  €34.9 million  of  sales
proceeds have been generated.

Post acquisition  and along  with the  ongoing  asset recycling  programme, we  expect  to
maintain LTV comfortably within I-RES’ target range of 40%-45%.

 

Eddie Byrne, CEO  of I-RES,  commented: “Our  capital recycling  programme is  progressing
well, having raised nearly  €35 million in proceeds  so far, and we  are excited today  to
announce the reinvestment of a large portion of these proceeds into an accretive asset  in
a much  sought-after  and  growing  residential  location.  This  off-market  acquisition,
generated internally  as a  result of  our teams’  extensive connections  and  experience,
represents a very attractive investment opportunity. Our asset recycling programme has, to
date, generated sales proceeds  25%+ above our carrying  values, thus giving us  effective
selling yields  of  approximately 4%  which,  through this  acquisition,  we are  able  to
reinvest at 5.25% in new A rated assets. We continue to monitor accretive potential growth
opportunities that we now  see emerging in the  market. This transaction demonstrates  the
role I-RES can play in funding much needed-new housing in Ireland.”

END

For further information please contact:

Investor Relations:

Eddie Byrne, Chief Executive Officer              Tel: +353 (1) 5570974

email:  1 investors@iresreit.ie

Media enquiries:

Cathal                                                                              Barry,
Drury                                                                                     
Tel: +353 (0) 87 227 9281

Gavin                                                                          McLoughlin,
Drury                                                                                 Tel:
+353 (0) 86 035 3749

email: iresreit@drury.ie

 

About Irish Residential Properties REIT plc

Irish Residential  Properties  REIT  plc  (“I-RES”)  is  a  growth  oriented  Real  Estate
Investment Trust providing quality professionally managed homes in sustainable communities
in Ireland. I-RES aims to be the provider of choice for the Irish living sector, known for
excellent service and for operating responsibly, minimising its environmental impact,  and
maximising its contribution to the community. The Company's shares are listed on  Euronext
Dublin. Further information at  2 www.iresreit.ie.

 

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
uncertainties because they relate to expectations, beliefs, projections, future plans  and
strategies, anticipated events or trends, and similar expressions concerning matters  that
are not historical facts. Such forward-looking statements involve known and unknown risks,
uncertainties 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 obligation  to
release publicly any revision  or updates to these  forward-looking statements to  reflect
future events, circumstances, unanticipated events, new information or otherwise.

 

 

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The issuer is solely responsible for the content of this announcement.

View original content:  4 EQS News

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   ISIN:          IE00BJ34P519
   Category Code: ACQ
   TIDM:          IRES
   LEI Code:      635400EOPACLULRENY18
   Sequence No.:  418958
   EQS News ID:   2280340


    
   End of Announcement EQS News Service

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References

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