Fri, 14th Jun 2019 07:00
14 June 2019
I•RES Exchanges Contracts to Acquire 815 Residential Units for €285 million
Irish Residential Properties REIT plc ("I•RES" or the "Company") announces that, further to its announcement on 13 June 2019, the Company has signed and exchanged contracts to acquire a property portfolio, comprising of 815 residential units across 16 high-quality developments, from Bryant Park QIAIF ICAV (the "Vendor"), acting for and on behalf of MAV I Fund, for a total purchase price of €285 million (including VAT but excluding other transaction costs) (the "Marathon Acquisition"). Subject to satisfaction of certain conditions (including the approval of the Competition and Consumer Protection Commission in Ireland), the Marathon Acquisition is expected to complete in August 2019.
For further information please contact:
For Investor Relations:
Irish Residential Properties REIT plc
Margaret Sweeney, Chief Executive Officer
+ 353 (0) 1 557 0974
For Media Requests:
+ 353 87 2597644
About Irish Residential Properties REIT plc
I•RES is an Irish real estate investment trust ("REIT") listed on Euronext Dublin. It is the first REIT established in Ireland primarily focused on residential rental accommodations. The Company will continue to seek to acquire, hold, manage and develop investments primarily focused on residential rental accommodations in Ireland. The Company currently owns 2,753 residential units with an additional 316 units due for delivery between now and 2021 under pre-purchase contracts. Further information in respect of the Company can be obtained from the Company's website at www.iresreit.ie.
Note on forward-looking information
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 uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties 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 obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority.