IRES REIT Buys 77 Apartments in Naas for Over €31 Million

Ireland's largest private residential landlord, the investment company IRES REIT, has announced a return to property acquisitions after a hiatus of several years. The company has entered into an agreement with developer Westar Homes Limited to purchase 77 apartments under construction in Naas, County Kildare. According to various sources, the transaction amount is €31.75 or €31.8 million. Ireland's rental market has been grappling with a supply shortage for years, driving rent increases. In response to the housing crisis, the government introduced controversial rent caps in some areas, which has influenced the investment decisions of large funds. REITs, such as IRES, became significant players in the market after the global financial crisis, buying up properties for long-term rental. The purchased apartments consist of 20 one-bedroom and 33 two-bedroom units. The complex is expected to reach practical completion by the end of 2026. The transaction will be financed with funds raised by IRES from the sale of other, non-core assets. As reported by the Irish Independent, this sale brought the fund approximately €34.9 million. This is IRES's first major acquisition since 2021-2022, when the company wound down projects started before the introduction of restrictive rent caps. „Listed residential landlord pays €31.8m raised from sale of non-core assets as it returns to the acquisition trail.” — The Irish Times IRES's return to the apartment purchase market may be interpreted as a signal that Ireland's largest landlords are ready to invest again despite existing regulations. The decision to finance the transaction from the sale of existing assets also demonstrates a strategy of capital recycling. Unlike previous years when entire estates were purchased, the current move is more selective and concerns a single project under construction.