Irish Residential Properties REIT has announced plans to sell off €37m in assets in 2025.

In a Q3 update the company say they have maintained a high occupancy rate of 99.4% while they are working to reduce their Loan-to-Value ratio to 45.0%.

The company, which is Ireland’s largest provider of private rental accommodation, say they have made significant progress in its strategic initiatives, including the sale of 37 units, and plans to dispose of more assets in 2025.

It is part of a stated aim to sell off 315 units to maximise shareholder value.

They also confirmed their strategic exit from the Cork market to focus on the Dublin area with the aim to enhance operational efficiencies and financial strength.

They are lining up a series of sales over the next 12 months in addition to the 37 units sold they sold 20 assets in line with book value in a bulk sale and are in the process of selling a further 17 units to individual purchasers achieving sales premiums of c. 25%.

The company expects to complete the disposal of at least a further 50 units in 2025, at an average sales premium of between 15% and 20%.

In total, the above disposals are expected to generate total gross sales proceeds of between €35m and €37m.

Eddie Byrne, CEO of I-RES, said: “We are pleased to report strong progress with our strategic review initiatives and are encouraged by the positive momentum of the business.

"The execution of our recycling programme is ahead of our expected timeframe and will further strengthen our financial position.

"While we will continue to consider all opportunities to enhance shareholder value, we are confident about the long-term market opportunity which is underpinned by our high-quality portfolio and market leading operating platform.”