FINANCE: Irish Residential Properties REIT has taken out a two-year €130m (£104m) credit facility arranged by Barclays Ireland.
The loan is secured against the company’s assets.
Henry Cleary, head of structured property finance at Barclays Bank Ireland, said: “We have great confidence in their business plan and the prospects for recovery in the Irish residential sector. We look forward to a long-term relationship with IRES REIT over many years.”
IRES REIT launched on the Dublin Stock Exchange in April, raising €200m to invest in residential property.
Purchases to date include the 84-flat Marker Residences, a luxury residential development in the Grand Canal Dock area of Dublin for €50m in June from private equity investors Brehon Capital Partners and Midwest Holdings.
sophia.furber@estatesgazette.com
