Business Person of the Month

Business Person of the Month August 2020: Margaret Sweeney, CEO of Ires Reit, demonstrates business resilience

By Business & Finance
08 September 2020
Pictured: Margaret Sweeney, CEO, Ires Reit

Margaret Sweeney is CEO of Ires Reit, Ireland’s largest landlord, a title she has held since late 2017. In August, the group recorded a more than 30 per cent increase in net rental income during the first six months of the year. This is despite the ongoing coronavirus pandemic.

Margaret Sweeney is CEO of Ires Reit, Ireland’s largest landlord. She said that Ires Reit’s increase in income “demonstrate[s] the strong resilience of the business.” The landlord group reported 35 per cent growth in the scope of its properties: 3,739 units for rental up from 2,771 units at the same time last year. The new units are 42 properties across Dublin and Cork.

The group also recorded a 30.2 per cent increase in net rental income (NRI) to €29.6 million, up from €22.7 million last year. The increase is due to acquisitions and organic rental growth.

Like many organisations, Ires Reit has implemented a ‘work from home’ policy in the time of COVID-19. In the report, the group said: “We have enhanced our cleaning and disinfecting at all properties as well as introducing an ongoing program of communications with residents in relation to Covid-19.

“While we limited our repairs and maintenance on existing properties to essential works during the early stage of the pandemic to maintain the safety of our residents, we have now returned to a full service.”

Ms. Sweeney continued: “To date rent collections across our residential portfolio remain strong, but this may not be indicative of the rate of rent collection in the upcoming months given the ongoing uncertainty related to the Covid-19 pandemic.”

Business & Finance, Business Person of the Month

Business Person the MonthBusiness & Finance, in association with KPMG, rewards excellence in business through the ‘Business Person of the Month’ award. This award seeks to recognise noteworthy achievements in business leadership, and, particularly, those that make a telling contribution to the wider business community in Ireland.