Irish Residential Properties Reit (Ires), the state’s largest private residential landlord, has agreed to purchase up to 164 apartments under development in Dublin, bringing its total number of units to 2,842.
The publicly traded company said on Friday it had signed an agreement to buy part of the Tara Towers hotel site from Dalata Hotel Group with a building permit for 69 apartments.
The deal will see Dalata, who plans to redevelop the Dublin 4 hotel into a 4-star Maldron hotel, will also build the apartments for Ires.
The total amount of the transaction is expected to reach 47.2 million euros.
The 1.46 acre site was acquired by Dalata in January 2016 for 13.155 million euros. In addition to the apartments, the redeveloped site will include a 4-star Maldron hotel with 140 rooms, four meeting rooms, a bar and restaurant, as well as underground parking.
McAleer and Rushe have been appointed as subcontractors and the estimated overall development cost is 51 million euros.
Separately, Ires purchased a 1.3 acre site at Hansfield Wood in Dublin 15 from Garlandbrook Ltd, which operates as Alanna Homes. Garland and construction contractor Newline Homes will develop the site into 95 apartments for a total of € 26.7 million.
It follows the signing of a development agreement by Ires last year to purchase 99 units from Hansfield Wood. These will “soon be fully available on the market” for hire, company president Declan Moylan said on Friday.
Ires, created by Canadian company Capriet, was floated on the Irish Stock Exchange in 2015.