FINANCE: Hibernia REIT has entered into its first corporate debt facility, securing €100m (£80m) from Bank of Ireland.
The dual Dublin- and London-listed REIT said the three-year revolving credit facility was secured against a corporate level debenture.
The opportunistic investor, which raised €365m (£306m) in its IPO in December last year, said it now had debt facilities totalling €134m related to its portfolio and cash and undrawn committed facilities of more than €140m.
Tom Edwards-Moss, chief financial officer at WK Nowlan REIT Management, the listed vehicle’s investment manager, said the facility “provides us with flexible funding at attractive rates with which to invest in and grow our portfolio”.
He added: “We remain committed to a conservative debt strategy, with our loan to value not exceeding 40% at incurrence, well within the limits of the Irish REIT regime.” ?Paul McDonnell, head of property finance at BoI Corporate Banking, said: “Bank of Ireland is committed to supporting the Irish property market in this period of growth and to playing an important part in the full recovery of the sector.”
bridget.o’connell@estatesgazette.com
