Irlands Bostadsfastigheter Reit (Ires), the state's largest private housing landlord, has agreed to purchase up to 164 apartments developed in Dublin, which will give its total number of units to 2,842.
The publicly-owned company said on Friday that it had signed a deal to purchase a portion of the Tara Towers Hotel website from the Dalata Hotel Group with a planning permit for 69 apartments.
The agreement will see Dalata, which plans to rebuild the Dublin 4 hotel to a 4-star Maldron Hotel, also build the apartments for Ires.
The total size of the transaction is expected to be as much as 47.2 million euros.
Separately, Ires has purchased a 1.3-hectare plot in Hansfield Wood in Dublin 15 from Garlandbrook Ltd, acting as Alanna Homes. Garland and contractor Newline Homes will develop the site to 95 apartments for a total of 26.7 million euros.
It follows that Ires signed a development agreement last year to buy 99 units in Hansfield Wood. These will be "soon available to market" for rent, said company chairman Declan Moylan on Friday.
Ires, established by Canada's Capri, moved on the Irish Stock Exchange in 2015.