The Canadian Apartment Properties Real Estate Investment Trust (CAPREIT) has acquired an apartment portfolio in Dublin, Ireland, consisting of 270 residential suites and 50,214 square feet of mixed-use commercial space. The Rockbrook Portfolio, which was purchased for € 87.3-million, is the first acquisition that CAPREIT has completed under the previously announced “Pipeline Agreement” with Irish Residential Properties REIT plc (I-RES).

“We are very pleased to be acquiring this high-quality, portfolio on behalf of I-RES,” says Thomas Schwartz, President and CEO. “This acquisition will be immediately accretive to CAPREIT’s cash flows and, once acquired by I-RES at the appropriate time, CAPREIT Unitholders will continue to benefit through our ownership position in I-RES and their growing presence in the very strong Irish residential rental market.”

The newly acquired property also includes a 2.8-acre development site with the potential for 467 apartment units, 64,325 square feet of commercial space and basement parking. CAPREIT and I-RES entered the Pipeline Agreement, which affords both companies the opportunity to acquire properties from one another, on Nov. 21, 2014.