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European group pays €150m for 600 Irish properties

European group pays €150m for 600 Irish properties

The European property firm, LRC Group, has paid around €150 million to acquire 600 residential and commercial assets from Oaktree affiliate, Targeted Investment Opportunities (TIO).

The deal, which is understood to have been completed two weeks ago, will see LRC take ownership of hundreds of buy-to-let homes across Dublin, Cork and Galway, as well as a small number of commercial properties.

It is believed the portfolio had been in the process of being readied for a potential sale on the open market by TIO under the moniker Project Turner, before LRC moved to secure it in an off-market transaction.

The Cypriot-headquartered fund was advised on the deal by DNG while the vendor, TIO, was advised by the portfolio’s asset manager, Redwood Real Estate.

Both LRC and Oaktree declined to comment on the transaction.