The country’s largest landlord continues to hoover up property

IRES Reit's profits are on the rise

The country’s largest landlord continues to hoover up property

Image: RollingNews.ie

IRES Reit, the publicly-quoted property fund, and the country’s largest residential landlord has continued to grow its ownership of apartments here according to its latest trading statement.

In the four months to the end of April it spent more than €91m acquiring 473 apartments in three separate blocks in and around Dublin.

This brings the number of apartments it has acquired in the city to almost 2,100 – at a cost of about €520m since it floated on the stock exchange exactly two years ago.

IRES says it has also begun building 68 apartments at a block which it already owns in Sandyford in south Dublin at an expected cost of €23m.

Operating profits during the four months doubled to €4.1m - and it paid dividends of 3.15 cents per share for the year ended 31 December 2015 on 21 March 2016.

The statement adds that it "has maintained high residential occupancy levels at approximately 97%" and that it "continues to generate rental growth across the portfolio on renewals and turnovers."