I-RES to acquire residential assets in Co. Kildare for €32m

Irish Residential Properties REIT (I-RES) has announced a forward purchase agreement to acquire 77 new residential apartments in Naas, Co. Kildare, for €31.7 mln. 

Baker's Yard, Dublin City

The transaction is with Westar Homes Limited, and the property is expected to be completed in the fourth quarter of 2026.
Located in a fast-growing commuter town southwest of Dublin, the development offers excellent access to the M7 motorway and Sallins train station, as well as major employment centres in Southwest Dublin. Naas itself is a well-established urban area with a full range of amenities.
The acquired property will feature a mix of one, two, and three-bedroom apartments, built to a high specification with A2 BER ratings and strong sustainability features like air-to-water heat pumps, LED lighting, and PV panels. Following completion, I-RES anticipates a Net Initial Yield of approximately 5.25% once the apartments are leased, which is expected to boost earnings.
This acquisition is a strategic move for Ireland's largest private rental accommodation provider and will be financed by proceeds from its ongoing asset disposal program, which has already generated €34.9 mln. This approach is expected to keep the company's Loan-to-Value (LTV) ratio within its target range of 40%-45%.
Eddie Byrne, CEO of I-RES, commented: “Our capital recycling programme is progressing well, having raised nearly €35 mln in proceeds so far, and we are excited today to announce the reinvestment of a large portion of these proceeds into an accretive asset in a much sought-after and growing residential location. Our asset recycling programme has, to date, generated sales proceeds 25%+ above our carrying values, thus giving us effective selling yields of approximately 4%, which, through this acquisition, we can reinvest at 5.25% in new A-rated assets. We continue to monitor accretive potential growth opportunities that we now see emerging in the market. This transaction demonstrates the role I-RES can play in funding much-needed new housing in Ireland.”