Ires Reit to sell off €50m in assets after buoyant first half – Independent.ie

Ires Reit is to sell more than 150 apartments after seeing a 30pc jump in its rental income in the first half of this year, despite the Covid crisis.

reland’s biggest landlord said that it expects to net €50m from the sale of units at nine properties in Dublin 8, Sandyford, the IFSC and Tallaght, as well as three commercial units and a development site.

The company said that a revaluation of its assets, especially in development land values and commercial units by 2pc, meant that it reported a €10.8m loss in the first six months of the year.

That revaluation resulted in a €27m hit.

Ires Reit also cautioned that it expects to collect less short-term rent. Occupancy of its residential units currently stands at 98.9pc, while monthly rent collections have “remained resilient” at 98.4pc since the arrival here of Covid-19, it said.

Goodbody analyst Colm Lauder described the

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