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IRELAND’S BIGGEST PRIVATE residential landlord sold 16 apartments for €6.6 million in the first half of this year, netting €1.6 million over their book value.
Ires Reit’s chief executive said that the Dublin-based company had achieved “in excess of 25% premium to book value” in the sale of the underperforming assets.
The sales of the properties are part of the company’s asset disposal programme.
“The first six months of the year have seen a step change in our operational and financial performance leading to significant improvements in margins and earnings,” said Eddie Byrne.
He also said the company was “well positioned to capitalise on the improving regulatory and market backdrop,” referring to the government’s reforms that allow landlords to reset rent between tenancies.
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