Eastern European firm buys up Galway homes in €150 million deal

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The Eastern European property company LRC Group has taken ownership of 600 homes and commercial properties in a €150 million deal.

The deal with Oaktree affliate Targeted Investment Opportunities sees LRC acquire a large portfolio of buy to let homes and businesses across Galway, Cork, and Dublin.

According to the Irish Times the deal was concluded roughly two weeks ago, with LRC acquiring the property portfolio from TIO shortly before it was due to go on the open market.

Neither company has made any comment on the transaction.

All the residential properties in this portfolio are understood to be buy-to-let, with 80 percent of them currently occupied.

Founded in 1995 by Israeli investor Yehuda Barisha, LRC now boasts a property portfolio worth over €5 billion.

LRC most recent other transaction include a €10 million deal to pick up Smithfields Lofts in February of 2018, acquiring 50 homes.

Last year it also bought the Irish hotel company Amaris Hospitality for €678 million from US equity firm Lone Star.