Ireland’s biggest private residential landlord, Ires Reit, has sold 16 apartments for €6.6 million in the first half of this year, achieving €1.6 million above their book value.
The Dublin-based company secured more than 25% premium to book value on what CEO Eddie Byrne described as “underperforming assets.” The sales form part of the company’s ongoing asset disposal programme as it restructures its property portfolio.
Byrne highlighted the company’s improved performance, stating that the first six months showed “a step change in our operational and financial performance leading to significant improvements in margins and earnings.”
The CEO also expressed optimism about recent government regulatory changes, saying Ires Reit is “well positioned to capitalise on the improving regulatory and market backdrop.” This refers to new reforms that allow landlords to reset rent levels between tenancies, providing greater flexibility in rental pricing.
The sales come as Ireland’s rental market continues to face significant supply constraints, with demand far exceeding available properties. Ires Reit’s ability to achieve substantial premiums over book value reflects the strong market conditions for residential property investments.
The company’s strategic asset disposal approach suggests it is focusing on optimizing its portfolio while taking advantage of favorable market conditions and the new regulatory environment that provides more flexibility for rental property management.