Ireland, Ireland’s largest private landlord, has sold 151 apartments for $ 48 million.
He was a fund managed by Orange Capital Partners, an international investment manager.
The acquired price was higher than the actual acquisition cost, which is 6 percent ahead of the December 2019 valuation.
The move includes leased apartments in several locations in Dublin, as well as Dublin 8, IFSC, Sandyford, Tallag and three small commercial units.
The aim of the sale was to transfer operational and asset management efficiency from the portfolio. The proceeds from the sale will provide additional liquidity, which will be used for growth opportunities, the company said in a statement.
The company’s decision to sell the apartments was first flagged in the company’s interim results released in July.
Margaret Sweeney, chief executive of Iris Ret, said: “We are delighted that IRS has had a successful position and opportunity to rationalize further smaller holdings from its asset portfolio.
I am pleased that the acquired price is greater than the actual acquisition cost and book value of the assets, which underscores the depth of interest in the multi-family real estate sector in Ireland.
Meanwhile, the company delivered 95 new build apartments in Hansfield Wood II in Dublin in August.
As of yesterday, 81 of the 95 apartments are being leased and generated, and contracts are being awarded for 10 houses.
The latest delivery extends the ownership of the IRS in 194 Hansfield development to 194 residential units.
The company said its total investment was $ 31.1 million.
Iris Wright currently has 3,683 apartments and privately rented homes in Dublin and Cork, with 69 more units, still under pre-purchase agreements for delivery by mid-next year.
Of the sites directly owned, 66 units are currently under construction. There are planning approvals to develop an additional 543 residential units on existing sites.