CHARLIE TAYLOR

Irish Residential Properties Reit (Ires Reit) is to acquire 23 apartments and an office suite in the centre of Dublin for €5.9 million.

Ires Reit, an Irish multi-unit residential property investment company that floated on the Irish Stock Exchange in 2014, said the transaction is expected to close later this month.

The deal comprises 15 1-bed and 8 2-bed apartments, an office suite extending to approximately 57 sq m (613 sq ft) and basement car parking spaces at City Square, on Gloucester Street, between City Quay and Townsend Street.

City Square, which was built in 2008 by G & T Crampton, currently has annualised passing residential and commercial rents of €500,000 at 96 per cent residential occupancy and full commercial occupancy, generating a gross yield of 8.5 per cent.

The development went on the market last year with a guide price of €5.8 million.

Ires Reit chief executive David Ehrlich described City Square as an attractive addition to the group’s portfolio.