Irish Residential Properties REIT plc (‘I-RES’) is a Real Estate Investment Trust that focuses on investment in private residential rental accommodations in Ireland. I-RES owns 3,829 apartments and houses across 36 modern developments in Dublin and Cork. A core component of I-RES’s strategy is achieving sustainable growth by delivering on Environmental, Social, and Governance (‘ESG’) initiatives across its portfolio.
To achieve this, I-RES formalised its ESG Policy in 2020. I-RES’s commitments are measured against the UN Sustainable Development Goals. Delivering high-quality homes in a sustainable manner means evaluating, understanding, and managing the ESG performance of both its newly acquired assets and existing portfolio.
Delivering a reduction in energy consumption across the portfolio is a key priority of the strategy. Currently, 59% of units in the portfolio have a Building Energy Rating between A and B. Additionally, all directly managed electricity contracts were transferred to 100% renewable energy in April 2020. This is projected to save 460,000 kg COo2e annually – the energy equivalent of powering 51 homes.
Biodiversity is essential to human wellbeing and a key part of environmental protection. I-RES has emphasised biodiversity across its portfolio. I-RES is supporting the All-Ireland Pollinator Plan for 2021-2025, which is recognised as a world leading initiative. I-RES has assigned significant resources to improve biodiversity at all 36 developments.
There are many other initiatives ongoing across the portfolio, including the implementation of improved waste management systems, switching to a virtual leasing model and the addition of clothes banks to certain buildings. IRES’s newest development, Bakers Yard, will be one of the first in Ireland to be designed to LEED Gold standard when completed. Additionally, I-RES has recently been awarded the EPRA sBPR award for most improved in sustainability reporting.
We are proud of the collective passion and dedication of I-RES’s employees in supporting our ambitious sustainability goals. We have managed to achieve a lot since formalising our ESG strategy and we look forward to continuing our journey in developing sustainable buildings and undertaking initiatives to further improve the sustainability of our existing portfolio.
Image right Elmpark Green, Merrion Road, designed by Buchholz McEvoy. All images supplied by I-RES Reit plc.