Ires Reit said it has completed the disposal of 37 properties as part of its target of 315 identified in a strategic review
Ires Reit chief executive Eddie Byrne: 'The execution of our recycling programme is ahead of our expected time frame and will further strengthen our financial position.' Photograph: David Cantwell
The company said it sold 20 assets “in line with book value” in a bulk sale, and sold a further 17 units to individual purchasers, achieving sales premiums of 25 per cent. In a long-awaited strategic review, Ires Reit in August ruled out a substantive sale of the group or its assets after months of boardroom tension over the future of the company. However, the board committed to a “capital recycling programme”, which it said would include the disposal of 315 apartments over a three- to five-year period, about 8 per cent of its total portfolio. This was expected to generate between €110 million and €115 million.
Ires said it has now completed a “strategic exit” from the Cork market. “This is an important step towards improving cost structures and margins,” it said. “Focusing on the Greater Dublin Area maximises efficiencies and the future operating leverage of the group.” Occupancy levels across the group’s portfolio continue to remain strong, standing at 99.4 per cent at the end of the quarter. The group said the figure reflected “the exceptional demand for rental properties in Dublin”.
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