DJ Acquisition of 77 Residential Units
Irish Residential Properties REIT plc (IRES)
Acquisition of 77 Residential Units
24-Feb-2026 / 07:00 GMT/BST
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24 February 2026
Irish Residential Properties REIT plc
I-RES announces the acquisition of 77 residential apartments for EUR31.75 million
Irish Residential Properties REIT plc ("the Company", "the Group" or "I-RES"), Ireland's largest provider of private
rental accommodation, is pleased to announce it has entered a forward purchase agreement with Westar Homes Limited to
acquire 77 high-quality apartments for a total consideration of EUR31.75 million. The property is currently under
construction and is due to reach practical completion in Q4 2026.
Located in Naas, Co. Kildare, a rapidly growing commuter town southwest of Dublin, the property occupies an attractive
position close to the town centre, with easy access to the M7 motorway and Sallins commuter rail station. The location
benefits from a strong local employment base and is adjacent to the major employment hubs of Southwest Dublin including
City West, Grange Castle and Tallaght. Naas is the largest town in Co. Kildare and is a mature urban location providing
a range of amenities, including education, healthcare, retail and other social infrastructure.
The property to be acquired by the Company comprises a mix of apartment types including 20 x 1 bed, 33 x 2 bed and 24 x
3 bed apartments. The apartments will be completed to a high specification, with A2 BER ratings and strong
sustainability criteria including air-to-water heat pumps, LED lighting and PV panels. The self-contained block is set
over 4 storeys at podium level with accompanying car parking. The Company will begin to lease the apartments following
practical completion. Based on the Company's market underwrite and assessment of market rents, the investment is
projected to generate a Net Initial Yield of approximately 5.25% and will be earnings-enhancing following the lease up
period.
The acquisition represents a positive step in the Company's strategy and will be funded using proceeds from the ongoing
disposal programme. To date, EUR34.9 million of sales proceeds have been generated.
Post acquisition and along with the ongoing asset recycling programme, we expect to maintain LTV comfortably within
I-RES' target range of 40%-45%.
Eddie Byrne, CEO of I-RES, commented: "Our capital recycling programme is progressing well, having raised nearly EUR35
million 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. This off-market acquisition, generated
internally as a result of our teams' extensive connections and experience, represents a very attractive investment
opportunity. 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 are able to 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."
END
For further information please contact:
Investor Relations:
Eddie Byrne, Chief Executive Officer Tel: +353 (1) 5570974
email: investors@iresreit.ie
Media enquiries:
Cathal Barry, Drury Tel: +353 (0)
87 227 9281
Gavin McLoughlin, Drury Tel: +353 (0) 86
035 3749
email: iresreit@drury.ie
About Irish Residential Properties REIT plc
Irish Residential Properties REIT plc ("I-RES") is a growth oriented Real Estate Investment Trust providing quality
professionally managed homes in sustainable communities in Ireland. I-RES aims to be the provider of choice for the
Irish living sector, known for excellent service and for operating responsibly, minimising its environmental impact,
and maximising its contribution to the community. The Company's shares are listed on Euronext Dublin. Further
information at www.iresreit.ie.
This note applies if and to the extent that there are forward-looking statements in this Announcement.
This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they
relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar
expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company
or the industry in which it operates, to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph
speak only as at the date of this Announcement. Except as required by law or by any appropriate regulatory authority,
the Company will not undertake any obligation to release publicly any revision or updates to these forward-looking
statements to reflect future events, circumstances, unanticipated events, new information or otherwise.
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The issuer is solely responsible for the content of this announcement.
View original content: EQS News
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ISIN: IE00BJ34P519
Category Code: ACQ
TIDM: IRES
LEI Code: 635400EOPACLULRENY18
Sequence No.: 418958
EQS News ID: 2280340
End of Announcement EQS News Service
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February 24, 2026 02:00 ET (07:00 GMT)
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