Housing

Property firm made €8m leasing homes for use as social housing

Details in Arresico’s accounts show the large profit was booked following a revaluation of the company’s investment property portfolio relating to the leasing of 250 of its homes to local authorities

New financial filings for Rediresi Icorp Limited, a subsidiary of Arresico Ireland, show it recorded an €8.2 million profit. PIcture: Getty

A company that leases 250 homes to local authorities for social housing booked an €8 million after-tax profit in 2022.

Arresico Ireland was established in 2019 by Gary Lawlor, chief executive, and Michael Stack. Paudie Coffey, the former Fine Gael minister, is a director of public affairs at the company.

New financial filings for Rediresi Icorp Limited, a subsidiary of Arresico Ireland, show it recorded an €8.2 million profit during the 12-month period that ended ...