Irish Residential Properties REIT : IRES to Acquire 128 Apartments for EUR39.995m

Company name Headline

Irish Res Prop REIT

IRES to Acquire 128 Apartments for EUR39.995m

RNS Number : 4098N

Irish Residential Prop REIT PLC 08 May 2018

8 May 2018

This announcement contains inside informa on regarding Irish Residen al Proper es REIT plc for the purpose of the Market Abuse Regula on (Regula on

(EU) No 596/2014)

I●RES to Acquire 128 Apartments for €39.995m

Irish Residen al Proper es REIT plc ("I•RES" or the "Company") announces that it has entered into an agreement to acquire 128 apartments with 128 car parking spaces located at The Square, Hampton Wood, Finglas, Dublin 11 for a total purchase price of €39.995 million (including VAT, but excluding other transac on costs). The acquisi on will be funded by the Company's exis ng credit facility. Subject to comple on of the acquisi on, which is expected to occur by the end of May 2018, I•RES will own 2,579 residen al units under professional management in Ireland.

The brand new self-contained apartments were developed by Dwyer Nolan Developments and comprise 46 1-bed and 82 2-bed apartments. 24 of the apartments have been leased by the vendor leaving 104 apartments available for immediate lease up following comple on of the acquisi on on market terms. Based on current annualized passing residen al rents and lease up of the remaining 104 unleased apartments at market rents, the asset is expected to generate a gross yield of c. 6.25%.

Located between junc on 4 and junc on 5 of the M50 motorway, the scheme is a short distance from Dublin City University (DCU) (4 kms), Dublin Airport (6.5 kms), Northwood Business Park (2.5 kms) and Dublin City Centre (8.5 kms). The scheme is also located circa 1km from the Charlestown development where I•RES owns and manages 235 apartments. The scheme is further served by regular bus services to Dublin City Centre (including a Quality Bus Corridor).

The local area (4km radius) provides a popula on of circa 40,000 people and is served by excellent retail and leisure ameni es for tenants including IKEA, Charlestown Shopping Centre, Odeon Cinema, Gullivers Retail Park, Ben Dunne Gym, Santry Park and Morton Stadium.

Major local employers in the area include; DCU, Bristol Myers Squibb, DHL, Dublin Airport,IKEA, BMW, IBM and Coca Cola.

Margaret Sweeney, the Company's Chief Execu ve Officer commented:

"We are very pleased to announce the acquisi on of this accre ve asset, and to con nue to extend I●RES' investment in addi onal apartments in North Dublin. Hampton Wood provides new quality apartments, which will be a6rac ve homes, located next to excellent infrastructure and employment providing easy access to both Dublin airport and Dublin City Centre. I•RES has a good understanding of the local residen al market and we expect seamless management on takeover due to the close proximity of this development to Charlestown where we currently own and manage 235 apartments."

For further informa#on please contact:

For Investor Rela ons:

Irish Residen al Proper es REIT plc Margaret Sweeney, CEO +353 (0) 1 4456386

For Media Requests: Q4PR

Gerry O'Sullivan + 353 87 2597644

About Irish Residen#al Proper#es REIT plc

Irish Residen al Proper es REIT plc is an Irish Real Estate Investment Trust ("REIT") listed on Euronext Dublin. The Company is the first REIT established in Ireland primarily focused on residen al rental accommoda ons. The Company will con nue to seek to acquire, hold, manage and develop investments primarily focused on residen al rental accommoda ons in Ireland. I•RES currently owns 2,451 residen al units. Further informa on in respect of I•RES can be obtained from I•RES' website atwww.iresreit.ie.

Note on forward-looking informa#on

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This Announcement may contain forward-looking statements, which are subject to risks and uncertain es because they relate to expecta ons, beliefs, projec ons, future plans and strategies, an cipated events or trends, and similar expressions concerning maLers that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertain es and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. The Company will not undertake any obliga on to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unan cipated events, newinforma on or otherwise except as required by law or by any appropriate regulatory authority.

This announcement has been issued through the Companies Announcement Service of

Euronext Dublin.

This information is provided by RNS

The company news service from the London Stock Exchange

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