I-RES has announced the acquisition of 77 residential apartments in Naas, Co. Kildare, in a €31.75 million forward purchase agreement.
The company, Ireland’s largest provider of private rental accommodation, confirmed it has agreed with Westar Homes Limited. The development is currently under construction and is expected to reach practical completion in the fourth quarter of 2026.
The transaction marks a significant reinvestment under I-RES’s ongoing capital recycling programme, which has generated €34.9 million in disposal proceeds to date.
I-RES continues to strengthen its portfolio with this latest acquisition, showcasing its commitment to providing quality rental housing.
Prime Commuter Location
The apartments are located in Naas, the largest town in County Kildare and a rapidly expanding commuter hub southwest of Dublin.
The site is positioned close to the town centre and benefits from strong connectivity, including access to the M7 motorway and Sallins commuter rail station.
Naas also sits near major employment centres in southwest Dublin, including Citywest, Grange Castle and Tallaght, strengthening its appeal to renters seeking proximity to key job hubs.
The area offers established social infrastructure, including schools, healthcare facilities, retail centres and recreational amenities.
Apartment Mix and Sustainability Features
The acquisition comprises a diverse mix of units:
• 20 one-bedroom apartments
• 33 two-bedroom apartments
• 24 three-bedroom apartments
The development will consist of a self-contained four-storey block at podium level with accompanying car parking.
All apartments will achieve A2 Building Energy Rating (BER) standards and incorporate sustainability features including air-to-water heat pumps, LED lighting and photovoltaic panels.
I-RES confirmed it will begin leasing the units upon practical completion.
Financial Metrics and Yield
Based on current market underwriting assessments, the investment is projected to deliver a Net Initial Yield of approximately 5.25%.
The company said the asset is expected to be earnings-enhancing following the lease-up period.
The acquisition will be funded through proceeds from the group’s disposal programme, which has generated sales values more than 25% above carrying values to date.
I-RES indicated that its loan-to-value (LTV) ratio will remain comfortably within its target range of 40% to 45% following the transaction.
CEO Commentary
Eddie Byrne, CEO of I-RES, described the acquisition as an attractive reinvestment opportunity.
He said the company has been able to sell assets at effective yields of approximately 4% and reinvest at 5.25% in newly built, A-rated properties.
Mr Byrne added that the deal was sourced off-market through the company’s internal networks and experience, describing it as evidence of emerging accretive growth opportunities in Ireland’s residential sector.
He also stated that the transaction demonstrates the role institutional capital can play in funding new housing supply in Ireland.
The strategic investment by I-RES highlights the growing demand for rental properties in the region.
Broader Market Context
The acquisition comes at a time of continued pressure on Ireland’s housing market, with strong rental demand in commuter locations surrounding Dublin.
Naas has experienced sustained population growth in recent years, driven by its connectivity and expanding employment base.
Institutional investors such as I-RES remain active in the Irish private rental sector despite political debate around rent regulation and housing reform.
As Ireland seeks to increase annual housing output, forward purchase agreements such as this provide developers with upfront funding certainty while securing long-term rental stock for investors.
With practical completion expected in late 2026, the Naas development will add 77 new rental units to I-RES’s expanding portfolio and further strengthen its presence in key commuter corridors.
This investment is a testament to I-RES’s strategy of expanding its footprint in the competitive rental market.
