Irish Residential Properties REIT has agreed to forward purchase 118 houses in two prime suburbs in County Dublin from a subsidiary of Glenveagh Properties for €38.2m (£32.7m).
I-RES will acquire 78 houses at Taylor Hill, Balbriggan, and 40 houses at Semple Woods, Donabate.
The residential units are due to be handed over to I-RES in phases by the end of 2019 and are expected to be fully let up by Q1 2020.
The two transactions are expected to generate a gross yield of circa 6.7%.
I-RES chief executive Margaret Sweeney said: “As a long-term investor in the Irish market, I-RES continues its proactive agenda to add further supply. We look forward to taking delivery of the completed homes during the course of 2019. This forward purchase transaction will bring the I-RES portfolio of professionally managed units to a total of 3,013 (including 282 units due by 2021 under forward purchase agreements).”
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