Property
Ires Reit’s land portfolio loses millions in value
The hit to the company’s development land value comes as commercial property agents warn many residential sites are now unviable to build on
Ires Reit, the country’s biggest landlord, has reported a sharp decline in the value of its development land, with millions of euro shaved off its bottom line.
New details in the company’s annual report, published this week, have shown that land owned by Ires Reit that can be developed for housing decreased in value from €24.7 million to €21.8 million in 2022.
The combined value of Ires Reit’s portfolio of 3,900 apartments and its development ...
