Ireland’s biggest landlord sells Dublin apartments to international fund manager

Ires Reit, Ireland’s biggest landlord, has sold 151 apartments in Dublin for €48 million.

The apartments are across 10 different properties, including the IFSC, Sandyford, Tallaght and Dublin 8, as well as three small commercial units.

Ires say the price they received is greater than the original cost and 6% more than a valuation carried out in December.

The apartments have been bought by a fund managed by Orange Capital Partners (OCP), an international investment manager.

OCP made its first investment in the Irish market in 2018 when it acquired a portfolio, named the Belgrave Collection, comprising 30 buildings that were split into 265 individual apartments from Larea Fa, a joint venture between Lugus Capital and Broadhaven Capital Partners, for €70 million.

Ires Reit currently owns 3,683 apartments and houses for private rental in Dublin and Cork with an additional 69 units due for delivery between now and the end of the first quarter of 2022 under pre-purchase contracts.

The company also has another 66 units currently under construction on directly owned sites, with planning approval to develop an additional 543 residential units on its existing sites.