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Coronavirus to hit supply of new housing, I-RES REIT warns

The State’s largest property owner, Irish Residential Properties REIT, said today that the overall supply of new housing and apartments is expected to be impacted by the ongoing restrictions due to Covid-19.

In a statement issued ahead of its AGM today, it said it continued to add to its portfolio with the addition of 73 new apartments in Dublin at Waterside and Tallaght Cross West. 

I-RES REIT said the lifting of restrictions on building sites on May 18 has seen its development sites in Dublin at Hansfield Wood and Bakers Yard reopen.

It also said that it has so far maintained strong occupancy and rent collection levels across its portfolio, adding that it will continue to work “constructively” with its tenants.

Declan Moylan, Chairman of IRES, said that the coronavirus pandemic has created “significant uncertainty” in every aspect of life.

He said the company’s utmost priority remains the health, safety and wellbeing of its officers, employees, residents, shareholders and business partners. 

“The evolving situation presented by the Covid-19 pandemic, and Government restrictions introduced in order to mitigate its spread, could have impacts on the company’s business which we cannot foresee at this time,” Mr Moylan said.

“However, we are confident that the quality of our property portfolio and the strength of our balance sheet provides great resilience during this period and together with the experience of our Board, CEO and IRES Fund Management Limited, position the company well to navigate this challenging future period,” the chairman added.

Today’s AGM is being held at the company’s offices at Hanover Quay today in line with Covid-19 restrictions. Shareholders can listen to the proceedings of the meeting remotely by teleconference.

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