Irish Residential Properties REIT plc

Successful Delivery on €100m Asset Disposal Programme

I-RES Agrees Sale of 194 Units

3 August 2023, Dublin | Irish Residential Properties REIT plc (the "Company" or "I-RES"), announces that it has entered into a contract with Tuath Housing for the sale of 194 residential units in West Dublin for a total consideration of approximately €72.06 million, including VAT but excluding other transaction costs (the “Transaction”). The Company announced on 17 April 2023 a €100 million asset disposal programme, as part of its capital optimisation and shareholder value strategy.

The contract for sale dated 2 August 2023 provides for:

• The sale of 91 units in Hansfield Wood for a total consideration of €38.12m (including VAT but excluding other transaction costs) with planned closing before the end of August 2023.

• The sale to the same purchaser of an additional 103 apartments, which includes Piper’s Court, and a small 8 unit apartment building in Hansfield Wood, for a total consideration of €33.94m (including VAT but excluding other transaction costs). This sale has a number of conditions yet to be satisfied and is therefore expected to close before the end of this year.

The proceeds from the sale represents an attractive return on the original acquisition cost and is in line with book value at 30 June 2023. The proceeds will be used to further strengthen the balance sheet by retiring the Company’s higher cost debt under its revolving credit facility.

The following additional asset sales have been completed to date:

• Rockbrook Development Site, Sandyford

In March 2023, the Company completed the sale of the Rockbrook development site to an adjacent property owner for €17.0 million (inclusive of VAT but excluding other transaction costs).

• Bakers Yard

The Company sold 6 apartments in Bakers Yard in May 2023 for €1.5 million (excluding transaction costs).

• Tara View

The Company is in the process of selling the 5 luxury townhouses at Tara View. To date 3 houses have been sold at a combined gross value of €3.6 million (excluding transaction costs) and the remaining 2 townhouses are sale agreed at a combined price of €2.4 million and are anticipated to close in Q3, 2023.

Following these asset sales and the completion of the above Transaction, the Company will have successfully delivered on approximately €96.5 million of its €100 million assets disposal programme.

The Company remains focused on delivering on its value maximising portfolio management and disciplined capital allocation strategy. The Company will continue to review opportunities to selectively dispose of assets where value for shareholders can be delivered.

For further information please contact:

For Investor Relations:

Irish Residential Properties REIT plc     

Michelle Ang, Director Investor Relations      Tel: +353 (0) 87 956 1138

Margaret Sweeney, Chief Executive Officer     Tel: +353 (0) 1 557 0974

For Media Queries:

Jonathan Neilan, FTI Consulting        Tel: +353 (0) 86 231 4135 

Melanie Farrell, FTI Consulting      Tel: +353 (0) 86 401 5250 

About Irish Residential Properties REIT plc

Irish Residential Properties REIT plc (I-RES) is a growth oriented Real Estate Investment Trust providing quality professionally managed homes in sustainable communities in Ireland. Following the completion of the above disposals, the Group will own approximately 3,734 apartments and houses for private rental in Dublin and Cork. I-RES aims to be the provider of choice for the Irish living sector, known for excellent service and for operating responsibly, minimising its environmental impact, and maximising its contribution to the community. The Company's shares are listed on Euronext Dublin. Further information at -res.ie.

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This Announcement may contain forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement. Except as required by law or by any appropriate regulatory authority, the Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise, including in respect of the Covid-19 pandemic, the uncertainty of its duration and impact, and any government regulations or legislation related to it.