Listed property firm Irish Residential Properties (IRES) REIT has secured a two-year, €130 mln loan from Barclays, secured against the company's assets.
Listed property firm Irish Residential Properties (IRES) REIT has secured a two-year, €130 mln loan from Barclays, secured against the company's assets.
Ires raised €200 mln in an initial public offering on the Dublin stock exchange in April.
The company is externally managed by Capreit, one of the largest residential rental REITs in Canada with over 41,200 units and a market capitalisation of C$2.4 bn (€1.65 bn).
'We are very proud that our lenders have shown confidence in Ires REIT and extended a credit facility which allows the REIT to grow and achieve its investment goals,' said David Ehrlich, chief executive of the company.
Henry Cleary, head of Structured Property Finance at Barclays, added: 'We have great confidence in their business plan and the prospects for recovery in the Irish residential sector.'
