Transactions - SEPTEMBER 2, 2014

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Irish REIT pays €211m for four-property portfolio

by Andrea Waitrovich

Ireland’s NAMA has sold a 761-unit apartment portfolio for approximately €211 million, or €277,267 per unit ($276.83 million/$363,771 per unit) to Irish Residential Properties REIT, making the REIT Ireland’s largest non-government residential landlord.

Known as the Orange portfolio, the acquisition comprises four properties at developments in Charlestown, Lansdowne Gate, Beacon South Quarter and Bakers Yard, all located within the greater Dublin area. The apartment portfolio is currently more than 98 percent occupied.

Charlestown is a mixed-use development totaling 235 apartments on 40 acres, located in the north Dublin suburb of Finglas. Lansdowne Gate totals 224 units and is located on 5.5 acres in the west Dublin suburb of Drimnagh. Beacon South Quarter is a mixed-use development on 13 acres, totals 217 units, and is located in

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