1 September 2016
I•RES Completes Acquisition of 89 Apartments at Coldcut Park
Irish Residential Properties REIT plc ("I•RES" or the "Company") announces that, further to its announcement on 23 August 2016, I•RES has completed the acquisition of 89 apartments with 145 car parking spaces located at Coldcut Park on Coldcut Road, Clondalkin, Dublin 22 for a total purchase price of €18.3 million (including VAT, but excluding other transaction costs) on 31 August 2016.
The purchase price of €18.3 million (including VAT, but excluding other transaction costs) was funded from cash on hand and I•RES' credit facility.
The 89 apartments at Coldcut Park are 100% occupied and currently have annualised passing rents of c. €1.45 million generating a gross yield of c. 7.9% based on the €18.3 million purchase price (including VAT, but excluding other transaction costs). The 89 apartments comprise: 18 1-bed, 22 2-bed, 32 3-bed and 17 4-bed apartments including a number of 3 and 4 bed own door duplex units.
David Ehrlich, the Company's Chief Executive Officer, commented:
"We are pleased to have completed this accretive acquisition, which was acquired in an off-market transaction from Tetrarch Capital. Coldcut strengthens our presence in the west Dublin market in an area with a strong amenity and employment base. This acquisition brings our total number of apartments to 2,377."
For further information please contact:
Irish Residential Properties REIT plc
David Ehrlich, CEO
+1 (416) 861-2467
Gerry O'Sullivan, Q4PR
+ 353 87 2597644
About Irish Residential Properties REIT plc
Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust ("REIT") listed on the Irish Stock Exchange. The Company is the first REIT established in Ireland primarily focused on residential rental accommodations. The Company will continue to seek to acquire, hold, manage and develop investments primarily focused on residential rental accommodations in Ireland. I•RES currently owns 2,377 apartments. Further information in respect of I•RES can be obtained from I•RES' website at www.iresreit.ie.
Note on forward-looking information
This note applies if and to the extent that there are forward-looking statements in this Announcement.
This Announcement contains 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. 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 except as required by law or by any appropriate regulatory authority.
This announcement has been issued through the Companies Announcement Service of
the Irish Stock Exchange.
This information is provided by RNS