Ireland’s IRES sees rental income grow by 18%

Dublin-listed real estate investment trust IRES has posted an 18% growth in net rental income for the six months ended June 2019. IRES saw its rental income rise to €22.7m, up from €19.3m in the first half of 2018. This was achieved through organic rent growth and acquisitions, including the purchase of 815 units for €285m from New York hedge fund Marathon Asset Management. Since IRES was established in 2007, the firm has invested €1bn in the Irish housing market, resulting in an overall supply of 3,884 managed units. As of 30 June 2019, the portfolio consisted of 2,771 homes, along