Irish Residential Properties REIT expects to make at least 50 disposals next years after concluding its strategic review of the business.
In a trading statement, the company said it had sold 37 of 315 assets marked for disposal. Twenty of those were in line with book value in a bulk sale, with 17 sold to individual purchasers at premiums of roughly 25%.
The REIT has also sold 25 assets outside of the 315 previously identified for disposal, also in line with book value. It now aims to make at least a further 50 sales next year at average premiums of between 15% and 20%.
“Based on the initial success of the programme, the company is actively reviewing how best to accelerate and increase the scale of the programme where value for shareholders can be achieved in line with strategic objectives and good asset management,” the REIT said.
Chief executive Eddie Byrne said: “We are pleased to report strong progress with our strategic review initiatives and are encouraged by the positive momentum of the business. The execution of our recycling programme is ahead of our expected timeframe and will further strengthen our financial position. While we will continue to consider all opportunities to enhance shareholder value, we are confident about the long-term market opportunity which is underpinned by our high-quality portfolio and market leading operating platform.”
