Ireland's largest private landlord snaps up 77 new apartments in Kildare
An artist's impression of the new apartments
Ireland’s largest private landlord has announced it has purchased 77 apartments in Naas, Co Kildare.
Irish Residential Properties REIT plc has entered a forward purchase agreement with Westar Homes Limited to acquire 77 high-quality apartments for a total consideration of €31.75 million. The property is currently under construction and is due to reach practical completion in last quarter of 2026.
Westar Homes Limited have been involved in development at Finlay Park in Naas on the old Caragh Road in recent years.
The property to be acquired by the company comprises a mix of apartment types including 20 one-bed, 33 two-bed and 24 three-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 four 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%.
The acquisition will be funded using proceeds from the ongoing disposal programme. To date, €34.9 million of sales proceeds have been generated.
Eddie Byrne, CEO of I-RES, commented: “Our capital recycling programme is progressing well, having raised nearly €35 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.”
