Irish Residential Properties REIT plc announces that it has entered into a two year €130 million credit facility arranged by Barclays Ireland PLC, secured against the company’s assets.
David Ehrlich, Chief Executive Officer of I•RES REIT, commented:
“We are very proud that our lenders have shown confidence in I•RES REIT and extended a credit facility which allows the REIT to grow and achieve its investment goals.”
iRes was set up to invest in blocks of apartments – so far it has bought the luxury Marker Apartments in Grand Canal Square in Dublin, the Kings Court block in Smithfield in Dublin city and blocks in Tallaght and at Sandyford on the outskirts of Dublin.
Henry Cleary, Barclays Bank Ireland PLC, Head of Structured Property Finance, stated:
“We are very pleased to be able to arrange a facility that meets I•RES REIT’s objectives. 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 I•RES REIT over many years.”