Funds reaped profits of almost €3bn in their first three years

The property funds, described by the government in the past as ‘aggressive’ avoiders of tax, racked up operating profits of €1.16bn in 2019 alone

Pearse Doherty: these funds made a combined operating profit of nearly €3 billion from 2017 to 2019 shows their growing presence in the Irish property market

Property funds previously described by the government as “aggressive” avoiders of tax in Ireland made almost €3 billion in profit in the first three years following their introduction, the Business Post can reveal.

New figures seen by this newspaper show that the operating profits of Irish Real Estate Funds (Irefs) soared to €1.16 billion in 2019, bringing their total combined profits to €2.93 billion for the period since 2017.

Details of the significant profitability of ...