I-RES’ Chief Executive Officer, Eddie Byrne, declared he is now seeing opportunities crystalize, thanks to a combination of regulatory alters impacting rents and building design and operation improvements within the business itself.
IRES is also sitting on capital generated from a disposal programme of non-core units that are selling significantly above their book value.
“We see opportunities for some bolt-on acquisition, filling in the income we’ve sold,” he declared.
I-RES has sold 50 of 315 non core units tarreceiveed for disposal. Acquisitions of 50 to 60 new units will focus on sites close to existing operations in Dublin and in the mid-market, Eddie Byrne declared.
He pointed to opportunities on suburban sites where developers have planning for mixed schemes of houtilizes, duplex and apartments but have had limited if any bid for the apartments element till now, as an opportunity.
The stock market listed business may see at raising external funds for larger opportunities, he declared.
I-RES last expanded in 2021 and 2022, when it closed schemes commissioned before strict rent caps came into force.
Regulatory alters this year, which allow landlords to reset rents when stock turns over, will only affect around 10pc of I-RES units over time, he declared.
The new rent rules allow rents to be reset between tenancies and at the finish of six year periods.
“But that is meaningful, It is a very positive slow burner over five to seven years,” Byrne declared.
Strong results for the first half of 2025 published on Friday included a Net Rental Income (NRI) margin increase of 150 bps period on period, even without rent rises. He credited that to more efficient management of the portfolio including driving better prices from suppliers and a shift to digital management including shifting the bulk of tenant interactions via app
Byrne, who took over as CEO last year, declared the first six months of the year had seen a step alter in the operational and financial performance at I-RES.
Interim results for the six-month period from 1 January 2025 to 30 June 2025 reveal earnings growth of 2.4pc for the period with adjusted EPRA earnings of €14.5m and 2.9pc growth in adjusted EPRA EPS to 2.8 cent, notwithstanding the sale of approximately 2pc of units in the portfolio in the last 12 months.
EPRA Earnings of €14.5m grew by 23.2pc vs prior period of €11.8m due to the elimination of non-recurring costs in 2025.
The portfolio continues to be effectively fully occupied at 99.5pc.
The company completed the disposal of 16 units in as part of the previously announced tarreceive of 315 units across a 3-5 year period, achieving sales premiums in excess of c. 25pc above book value.
A further 16 units are in a sales process expected to complete in the coming months.
Disposals completed during the period generated total gross proceeds of €6.6m, a €1.5mgain versus book value.
I-RES declared it remains on track to sell 50 units in 2025 and now expects average sales premium achievedto be ahead of the previous expectation of 15pc to 20pc.
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