Ires Reit reports loss of €43.9 million driven by asset revaluation

The company reported net rental income of €34.3 million after year-on-year growth

Margaret Sweeney, chief executive of I-Res Reit. (Picture by Fergal Phillips)

Ires Reit, the biggest private landlord in the state, has reported a loss of €43.9 million for the first half of 2023 driven by a €56.5 million non-cash revaluation of its total portfolio value.

The revaluation reflects an increase in yields and weakening in values across the real estate sector, due to the higher interest rate and inflationary environment, according to interim results for the company.

Ires Reit reported net rental income of €34.3 million ...