Nama sells 761 apartments for €211 million to I-Res

NAMA’s first residential property portfolio to come to the market is to be bought by Irish Residential Properties REIT (I-Res) for just over €211 million.

The “Orange portfolio” comprises 761 suites in four properties at developments in Charlestown, Lansdowne Gate, Beacon South Quarter and Bakers Yard, all located within the greater Dublin area.

A further 3,180 square metres of commercial space will be acquired in two of the properties.

In details furnished to the Irish Stock Exchange today, the company said it had been selected as the preferred bidder for the "first residential property portfolio brought to the market by the National Asset Management Agency (NAMA)".

The purchase of the property is to be funded by cash on hand and a recently established €130 million credit facility. The deal should close in October.

The apartment portfolio is currently over 98 per cent occupied with residential rents of €10.6 million and commercial rents of €300,000, generating a gross yield of 5.2 per cent. The majority of apartments are two bed.

"With the closing of this transaction, our property portfolio will grow to a total of 1,202 apartment suites, transforming I-Res into Ireland's largest non-governmental residential landlord," said chief executive David Ehrlich.

“All of our properties acquired to date are located in Dublin, in good letting locations, and with the benefit of proximity to public transport infrastructure and nearby employment. Also we are pleased to note that all these assets are recently constructed to a very high standard.”